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Nifty 50 February Futures (8,794)
The Nifty 50 futures contract is not finding ample buying interest above 8,800. After consolidating within a narrow range above 8,800 on Monday, the contract has declined below 8,800 today. That said, the contract is not facing strong selling pressure below 8,800 either. This muted price action suggests that the market is awaiting the outcome of the RBI meeting on Wednesday which might set the next trend for the index futures. Traders can stay out of the market at this juncture.
Key intra-day support is in the 8,780-8,760 zone. The contract will come under pressure if it declines below 8,760. Such a fall can drag it to 8,730 or even 8,700 in the coming sessions. On the other hand, the index futures will have to breach 8,830 decisively to gain bullish momentum for a rise to 8,860 and higher levels.
Strategy : Stay out of the market
Supports : 8,770, 8,730
Resistances : 8,800, 8,830
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