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Nifty 50 February Futures (10,554)
The Nifty and Sensex started the session on a positive note with a minor gap-up open. However, witnessing selling pressure at higher levels and with the PSU Bank index tumbling more than 2.5 per cent, the benchmark indices slipped into the negative territory.
That said, buying interest in the Metal, IT, and Realty sectors cushioned the benchmark indices. Both the Nifty and Sensex are trading sideways in a narrow range.
The Nifty February futures contract started the session with a gap-up open at 10,569. After recording an intra-day high at 10,577, the contract began to experience selling pressure.
On the other hand, key support at around 10,530 is providing base for the contract and has been moving sideways in a narrow band between 10,530 and 10,575.
Traders should desist from taking fresh positions as long as the contract trades in this sideways range. Fresh long positions can be initiated with a fixed stop-loss on a strong rally above 10,575 levels.
Next resistances are at 10,600 and 10,630 levels. Key supports below 10,530 are at 10,500 and 10,480 levels.
Strategy: Fresh longs are recommended only if the contract rallies above 10,575
Supports : 10,530 and 10,500
Resistances : 10,575 and 10600
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