Nifty 50 September Futures (11,022)
Nifty 50 futures contract has been stuck in a sideways range between 10,900 and 11,185 over the last few days. Within this range, the contract made a high of 11,088 and has come-off from there.
It is currently hovering around the psychological level of 11,000. The immediate outlook is unclear. Traders can stay on the sidelines at the moment. If the contract declines below 11,000, a fall to 10,970 is possible initially. Further break below 10,970 will then increase the likelihood of the contract extending its fall to 10,900 thereafter. On the other hand, if the index futures manages to sustain above 11,000, a bounce to 11,085 or 11,100 can be seen in the coming sessions. A break above 11,100 will then take the contract higher to 11,185 and 11,200 levels again. Traders with high risk appetite can go short on a break below 11,000. Stop-loss can be placed at 11,020 for the target of 10,955. Revise the stop-loss lower to 10,985 as soon as the contract moves down to 10,975.
Strategy: Go short on a break below 11,000 with a stop-loss at 11,020
Supports: 11,000, 10,970
Resistances: 11,085, 11,150
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