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Nifty 50 Sep Futures (10,162)
The Nifty 50 futures contract is stuck in a narrow range between 10,145 and 10,190 since Monday. Within this range the contract fell to a low of 10,155 today and is trying to bounce higher from there.
The immediate outlook is unclear. A breakout on either side of 10,145 or 10,190 will determine the next leg of move. Traders can stay out of the market until the range breakout gives a clear trade signal.
If the contract manages to sustain above 10,145, it can move higher to 10,190. A strong break above 10,190 will boost the momentum. Such a break can take the contract higher to 10,220 or even higher thereafter.
On the other hand, if the contract declines below 10,145, the downside pressure will increase. In such a scenario, the index futures can fall to 10,100.
Strategy : Stay out of the market
Supports: 10,145, 10,100
Resistances : 10,190, 10,220
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