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Nifty 50 July Futures (11,027)
The Nifty 50 futures contract is retaining its 10,930-11,075 sideways range. The contract has been stuck in this range over the last one week. Within this range, the contract made a low of 10,956 today and has bounced sharply from there.
The near-term view is positive. Intermediate support is in the 11,010 and 10,990 region. As long as the contract trades above this support zone, a rally to 11,050 and 11,075 is possible in the near term.
A strong break above the 11,075-11,080 will boost the momentum and will take the contract further higher to 11,100 and 11,150 thereafter. But an inability to breach above 11,080 can pull the contract lower to 11,000 and will keep the sideways range movement intact.
Short-term traders with a high-risk appetite can go long at current levels and on dips at 11,005. Stop-loss can be placed at 10,985 for the target of 11,075. Revise the stop-loss higher to 11,025 as soon as the contract moves up to 11,035.
The bullish outlook will get negated if the index futures declines below 10,990. In such a scenario, a fall to 10,950 and 10,930 is possible.
Strategy: Go long at current levels and on dips at 11,005 with a stop-loss at 10,985
Supports: 10,990 ; 10,950
Resistances: 11,080; 11,100
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