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Nifty 50 April Futures (10,560)
The rally in the Nifty 50 futures contract seems to be losing strength. The Nifty 50 futures contract has been stuck between 10,500 and 10,600 over the last couple of days. It is not gaining enough momentum to take it decisively above 10,600.
The contract is currently poised at the mid-point of this range. A breakout on either side of 10,500 or 10,600 will determine the next trend. Traders can stay out of the market until then.
A strong break above 10,600 will bring back bullishness in the contract. Such a break can take it higher to 10,625 or even 10,650 thereafter.
On the other hand, if the index futures decline below 10,500 it can test 10,480 initially. Further break below 10,480 will then increase the likelihood of the contract tumbling towards 10,440 or even 10,400 thereafter.
Strategy: Stay out of the market
Supports : 10,530, 10,500
Resistances : 10,600, 10,625
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