Nifty50 February Futures (22,288)

is managing to sustain higher after witnessing a strong rise from its low on Thursday. Nifty surged back from the low of 21,875 on Thursday proving our view of seeing a fall to 21,800-21,700 wrong. The index is currently trading at 22,253, up 0.16 per cent.

Nifty50 outlook

The index has its immediate supports at 22,200 and 22,140. As long as the index stays above 22,140, the outlook will be bullish. Nifty 50 can rise to 22,400-22,500 in the coming sessions. But whether this rise will happen after an intermediate dip to 22,140 or not is unclear.

The benchmark will come under pressure only on a break below 22,140. In that case, a fall to 22,000 can be seen.

Global indices

In Asia, barring the Hang Seng (16,702), down 0.24 per cent, other major indices are in green. Kopsi (2,673) is up 0.3 per cent and Shanghai Composite (2,988) is flat. Nikkei 225 (39,098) surged over 2 per cent on Thursday. Stock markets in Japan are closed today.

The Dow Jones Industrial Average (39,069) has risen and closed just above 39,000 on Thursday. If it sustains above 39,000, the index can rise to 39,400 in the coming days. The price action thereafter will need a close watch for a reversal.

Nifty50 Futures outlook

The Nifty50 February Futures (22,288) is up 0.2 per cent. There is resistance near current levels. A rise from here can take it up to 22,370 – the next important intraday resistance.

On the other hand, if the contract declines from here and breaks below 22,230, then it can fall to 22,170 during the day.

Overall, the outlook for the contract is slightly mixed and it can go either way from here.

Trade Strategy

Since the intraday outlook is unclear, we suggest traders to stay out of the market today. See how the market closes for the week today and trades can be taken accordingly next week.

Supports: 22,230, 22,170

Resistances: 22,290, 22,370