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Nifty 50 March Futures (10,496)
The US Dow Jones and S&P 500 fell 1.5 per cent and 1.1 per cent, respectively in the last session on interest rate jitters. Taking bearish cues from this, Asian markets began the session in negative territory.
Although the Hang Seng index recovered its intra-day losses and traded on a flat note, the Nikkei 225 plunged 1.6 per cent to 21,724 levels.
Nifty futures opened lower at 10,498. After marking an intra-day high of 10,530, the contract fell and recorded an intra-day low of 10,467. The contract is moving sideways in a narrow band between 10,480 and 10,520.
Traders with a near-term view should tread with caution and desist trading as long as the contract remains range-bound. A decisive fall below the immediate support level of 10,475 can drag the contract down to 10,450 and 10,425.
In that case, traders can go short with a fixed stop-loss. But, a strong rally beyond 10,520 can bring bullish momentum and push the contract higher to 10,540 and 10,550 levels. Next key resistances are placed at 10,565 and 10,580 levels.
Strategy: The contract is range-bound. Desist taking fresh positions as long as it trades between 10,480 and 10,520
Supports : 10,475 and 10,450
Resistances : 10,520 and 10,540
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