Nifty 50 March Futures (10,411)
Amid mixed cues from the global markets, the Nifty and the Sensex began the session on a marginally negative note and then turned choppy. Both the benchmark indices are volatile and moving sideways in a narrow range.
Nifty futures contract started the session with a marginally gap-down opening at 10,396 levels. After marking an intra-day low at 10,385, the contract bounced back and entered into the positive zone to record an intra-day high of 10,429. However, the contract slipped into the red due to selling pressure.
Market breadth of the Nifty index is biased towards declines. Traders should tread with caution as long as the contract moves sideways in the range between 10,385 and 10,425. Fresh long positions are recommended only if the contract breaks above 10,425 levels with a fixed stop-loss.
Next key resistances are at 10,450 and 10,475 levels. Vital short-term resistance is pegged at 10,500. On the other hand, if the contract slumps below 10,385 levels, selling pressure can increase and drag the contract down to 10,360 and 10,340 levels.
Strategy : Go long with a fixed stop-loss only if the contract breaks above 10,425 levels
Supports : 10,385 and 10,360
Resistances : 10,425 and 10,450
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