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The Nifty 50 futures contract is consolidating after having fallen over the last couple of days. The contract is range-bound between 10,018 and and 10,055.
Key resistance is at 10,060 and support is at 10,000. A breakout on either side of 10,000 or 10,060 will decide the next trend. Until then a sideways move between 10,000 and 10,060 is more likely.
A strong break below 10,000 will increase the downside pressure. Such a break can drag the contract lower to 9,970 and 9,950. On the other hand, if the index futures manages to break above 10,060 decisively, the downside pressure may ease. The contract can then rise to 10,080 and 10,100.
Traders can stay out of the market and see how the market closes for the week today to get a cue on the next move.
Strategy: Stay out of the market
Supports : 10,000, 9,970
Resistances : 10,060, 10,080
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