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Nifty 50 Aug Futures (9,815)
The Nifty 50 futures contract is trading volatile. It fell sharply from the day's high of 9,834 to make a low of 9,778 and has reversed higher immediately from this low. It is currently trading at 9,815.
The psychological level of 9,800 is providing support for the contract now. As long as it stays above this support, a rise to 9,835 can be seen. A range-bound move between 9,778 and 9,835 looks likely for some time and a breakout on either side of this range will then determine the next trend.
Traders can stay out of the market at the moment until the range breakout gives a clear trade signal.
A strong break above 9,835 is needed for the contract to gain momentum. Such a break can take it higher to 9,865 and 9,890 thereafter. On the other hand, the Nifty 50 futures contract will come under pressure if it breaks below 9,778 decisively. Such a break can drag it to 9,750 or even 9,700 thereafter.
Strategy: Stay out of the market
Supports: 9,800, 9,778
Resistances: 9,835, 9,865
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