Nifty 50 December Futures (10,464)
The Nifty futures contract started the session on a flat note at 10,470. After marking an intra-day high of 10,485, the contract entered the negative zone, experiencing selling pressure and has recorded an intra-day low of 10,442.
Asian markets showed mixed trends once again. The Nikkei 225 was down, while the Hang Seng index was up by 178 points. Both the Nifty and Sensex are witnessing volatile movement within a narrow range. The Nifty futures is also hovering in a sideways narrow range. The market breadth of the Nifty index is evenly poised.
Traders with a short-term perspective should tread with caution or desist trading. The contract is trading in a narrow range between 10,450 and 10,480. A strong rally beyond 10,480 can take the contract higher to 10,500 and then to 10,525 levels. On the other hand, if the contract declines below the key support level of 10,450, it can fall to 10,430 or even to 10,400 levels in the near term.
Strategy : Desist trading for now
Supports: 10,450 and 10,430
Resistances : 10,480 and 10,500