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The Nifty 50 futures contract opened the week on a weak note with a wide gap-down of about 56 points at 9,626. The contract made a low of 9,606 and has managed to bounce higher from there.
Support in the 9,610-9,600 region is holding well for now. The immediate outlook is unclear. Price action in the next few sessions will need a close watch to get a clear cue on the next trend. Traders can stay out of the market until a trading signal emerges.
The contract will come under more pressure only if it declines below 9,600 decisively. Such a fall can drag it to 9,585 and 9,560 initially. Further fall below 9,560 can drag it to 9,545 or even lower.
On the other hand, as long as the contract manages to sustain above 9,600, a bounce-back move to 9,650 and 9,670 is possible. In such a scenario, a range bound move between 9,600 and 9,700 can be seen for some time.
Strategy : Stay out of the market
Supports: 9,600, 9,585
Resistances: 9,650, 9,670
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