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Nifty 50 Nov Futures (10,373)
The Nifty 50 futures contract is stuck in a sideways range between 10,280 and 10,390 for almost a week now.
Within the range the contract made a high of 10,389 and tested the upper end of the range but has come-off slightly. Inability to break above 10,390 can keep the sideways range intact. In such a scenario, a fall to 10,340 looks likely now.
Further break below 10,350 can take the contract lower to 10,320 or 10,290 thereafter.
On the other hand, if the index futures manage to break above 10,390, it can rise to 10,410 initially. A strong break above 10,410 will boost the momentum and pave way for the next targets of 10,435 and 10,480.
Traders can stay out of the market at the moment. Wait for the range breakout for a clear trade signal.
Strategy : Stay out of the market
Supports: 10,340, 10,320
Resistances : 10,390, 10,410
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