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Nifty 50 Feb Futures (10,357)
Nifty 50 futures contract seeks for a direction and it has been stuck in a narrow range between 10,330 and 10,425 over the last couple of days. The contract is hovering above the lower-end of the range.
Immediate outlook is not clear. The contract can continue to retain this range for some more time. A breakout on either side of 10,330 or 10,425 will determine the next move. Traders can stay out of the market until a range breakout gives a clear trade signal.
The bias however, remains negative. There is a strong likelihood of the contract breaking below 10,330 in the coming days. Such a break can pull the index futures lower to 10,300 or 10,290 initially. Further break below 10,290 will then drag the contract lower towards 10,245.
The contract will get a breather only if it breaks above 10,420. Such a break, though unlikely, can trigger a relief rally to 10,460 or even higher thereafter.
Strategy: Stay out of the market
S upports: 10,330, 10,290
Resistances: 10,420, 10,460
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