Nifty 50 May Futures (10,745)

The Nifty 50 futures contract is trading on a mixed note. The contract has been stuck in a narrow range between 10,640 and 10,760 over the last few days. The contract is hovering below the upper end of this range at the moment.

Traders can stay out of the market at the moment and wait for a breakout to take trade positions. The inability to break above 10,760 can pull the contract lower to 10,730. A break below 10,730 will drag the contract lower to 10,700.

On the other hand, if the index futures manages to breach 10,760, it can gain fresh momentum. Such a break will take the contract higher to 10,800. Traders with a high-risk appetite can go long on a break above 10,760. Stop-loss can be placed at 10,740 for the target of 10,795. Revise the stop-loss higher to 10,770 as soon as the contract moves up to 10,785.

Strategy: Go long on a break above 10,760 with stop-loss at 10,740.

Su pports: 10,730; 10,700

Resistances: 10,760; 10,800

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