Nifty 50 January Futures (7,461)
The Nifty 50 futures contract failed to gained momentum after opening the week with a 40 point gap up. The contract is stuck inside a range between 7,435 and 7,485. Key resistances are at 7,485 and 7,500. Only a decisive break above 7,500 will boost the sentiment and take the contract higher. As long as the contract trades below 7,500, it is likely to remain range bound between 7,400 and 7,500 for a few sessions. A breakout on either side of 7,400-7,500 will give a clear cue on the next leg of move.
Immediate support for the contract is at 7,440. A break below this level can drag the contract lower to 7,420 and 7,400 today. Traders can wait for the contract to bounce back and go short near 7,480. Stop-loss can be kept at 7,505 for the target of 7,430.
Supports : 7,440, 7,420
Resistances : 7,485, 7,500