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Nifty 50 March Futures (10,026)
The Nifty 50 futures contract has been oscillating around the psychological 10,000-mark since Friday. The immediate outlook is unclear. Support is at 9,970 and resistance is at 10,040. A breakout on either side of 10,040 or 9,970 will determine the next trend. Until then the index futures can remain range-bound between 9,970 and 10,040. Traders can stay out of the market until the range breakout gives a clear cue on the next trend.
If the contract manages to breach 10,040, the downside pressure may ease. Such a break will increase the likelihood of the contract rallying towards 10,060 initially. A further break above 10,060 can take the contract higher to 10,100 on the back of short covering.
On the other hand, if the index futures declines below 9,975, the overall downtrend will resume, targeting 9,940 or even 9,900.
Strategy: Stay out of the market
S upports: 9,975, 9,940
Resistances: 10,040, 10,060
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