Nifty 50 June Futures (10,745) The Nifty 50 futures contract has been stuck in a narrow range between 10,700 and 10,805 over the last few days. Within this range, the contract fell to a low of 10,712 earlier today and has bounced higher from there. This keeps the narrow 10,700-10,805 range intact. There is high possibility the contract will move higher to 10,785 or 10,800 in the near term.
Short-term traders with a high risk appetite can go long at current levels. Stop-loss can be placed at 10,720 for the target of 10,785. Revise the stop-loss higher to 10,755 as soon as the contract moves up to 10,765.
A breakout on either side of 10,700 or 10,805 will decide the next trend. A strong break above 10,805 can boost the momentum and take the index futures higher to 10,835 or 10,850. On the other hand, a break below 10,700 can drag the contract lower to 10,670 or 10,650.
Strategy: Go long with a stop-loss at 10,720
Su pports: 10,700, 10,670
Resistances: 10,785, 10,805
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