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Nifty 50 July futures (10,977) Following mixed cues from the global markets, the Nifty and the Sensex started the session marginally in negative territory, but bounced back subsequently. However, the benchmark indices are witnessing selling pressure at higher levels and are moving sideways in a narrow range.
The Nifty July month futures contract started the session at 10,947. After an initial dip to an intra-day low of 10,938, the contract rebounded strongly. The contract recorded an intra-day high at 10,995 and faces key resistance at 11,000. It can continue to move sideways in the band between 10,950 and 11,000.
Traders with a near-term view should tread with caution as long as the contract is range-bound. Consider initiating fresh long positions on a decisive rally beyond 11,000, with a fixed stop-loss. Such a break above 11,000 can take the contract higher to 11,025 and 11,050 levels. Key supports below 10,950 are placed at 10,930 and 10,900.
Strategy: The contract is range-bound between 10,950 and 11,000. Tread with caution.
Supports: 10,950 and 10,930
Resistances: 11,000 and 11,025
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