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Nifty 50 December Futures (8,190)
The Nifty 50 futures contract is trading volatile. It opened with a wide gap down at 8,129 after closing at 8,198 on Wednesday. But the contract reversed higher immediately from the intra-day low of 8,123 and surged to make a high of 8,264.
However, the index futures failed to sustain this rally and came off from the day’s high and is currently trading around 8,190. The immediate outlook is not clear.
The contract may remain range-bound between 8,100 and 8,250 for some time. A breakout on either side of this range will give a clear cue on the next direction of the move. Traders can stay on the sidelines until a clear trade signal emerges.
A strong break above 8,250 will pave the way for a rise to 8,300. On the other hand, if the contract declines below 8,100 it can fall to 8,075 and 8,050.
Strategy: Stay out of the market.
S upports: 8,150 8,100
Resistances: 8,230, 8,265
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