Comments
The Nifty 50 futures contract is stuck in a sideways range between 10,400 and 10,500 for the fourth consecutive trading day.
Within this range the contract bounced from its intraday low of 10,441 and made a high 10,480. The contract has slightly come-off from the day's high now. The immediate outlook is not clear. A breakout on either side of 10,400 or 10,500 will determine the next trend.
Traders can stay out of the market until the range breakout gives a clear trade signal.
A strong break above 10,500 can bring fresh buyers into the market. Such a break can take the index futures higher to 10,545.
On the other hand, if the contract continues to trade below 10,500, it can dip to test the intermediate support level of 10,430. A break below it can take it to 10,400 - the lower end of the range.
A strong break below 10,400 can leave the contract under pressure. In such a scenario, a fall to 10,380 or even 10,345 is possible on the back of profit-booking.
Strategy : Stay out of the market
Supports: 10,430, 10,400
Resistances : 10,500, 10,545
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.