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Nifty 50 September Futures (11,715)
Nifty 50 futures contract is trading volatile. The contract opened the day at 11,709 and surged to an intraday high of 11,793. But it failed to sustain higher and has come-off sharply from the day's high to record an intraday low of 11,696.
The near-term outlook is mixed. Traders can stay out of the market.
As long as the contract remains above 11,700, a range-bound move between 11,700 and 11,800 is possible for some time. A breakout on either side of 11,700 or 11,800 will then determine the next direction of move.
A strong break below 11,700 can take the contract lower to 11,675 and 11,650. Further break below 11,650 will increase the selling pressure and will drag the index futures to 11,600 or even lower thereafter.
On the other hand, the contract will need to breach 11,800 decisively to gain fresh momentum. Such a break will then pave way for the next targets of 11,850 and 11,900.
Strategy: Stay out of the market
Supports: 11,700, 11,675
Resistances: 11,760, 11,800
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