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Nifty 50 July Futures (9,880)
The Nifty 50 futures contract is trading volatile. It opened with a 20 point gap-up at 9,907 and fell immediately to make a low of 9,858. The contract however has managed to reverse higher once again from this low and is currently trading at 9,880.
The immediate outlook is unclear. A rangebound move between 9,850 and 9,900 is possible for some time. A breakout on either side of 9,850 or 9,950 will then determine the next trend for the contract. Traders can stay out of the market until a clear trend emerges.
If the index futures decline below 9,850, it can fall to 9,830 and 9,800. On the other hand, if the contract sustain above 9,850 and surpass the psychological barrier of 9,900, a fresh rally to 9,920 and 9,940 can be seen thereafter.
Strategy : Stay out of the market
Supports : 9,850, 9,830
Resistances: 9,900, 9,930
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