Nifty 50 July Futures (24,407)

Nifty 50 has been oscillating in a range for more than a week now. The range of trade has been 24,150-24,450. A slightly wider range could be 24,000-24,450. Within this range, the index is currently trading at 24,376, up 0.25 per cent for the day. The advances/declines ratio is at 32:18. This is positive.

Nifty 50 outlook

As mentioned above 24,150-24,450 has been the trading range for some time. For now, the sideways range is intact. Within that, the Nifty (24,376) can go either way from current levels during the day.

A breakout on either side of 24,150-24,450 will determine the next leg of move. A break above 24,450 will be bullish. It will clear the way for a rise to 24,700.

On the other hand, a break below 24,150 can take the Nifty down to 24,000 initially. A further break below 24,000 will be bearish to see 23,800 and lower levels again.

Nifty 50 Futures

The Nifty 50 July Futures (24,407) are up 0.1 per cent. The contract has been oscillating between 24,200 and 24,500 for some time now. Within this range, it can go either way from current levels during the day.

A breakout on either side of 24,200-24,500 will determine the next move. A break above 24,500 can take the contract up to 24,550 initially. A further break above 24,550 will see a rise to 24,700-24,750 in the coming sessions.

On the other hand, the contract will come under pressure if it declines below 24,200. If that happens, we can see a fall to 24,100-24,000.

Trade Strategy

Since the market is range-bound and the outlook is unclear, we suggest traders to stay out of the market. See how the index closes for the week today. Trades can be taken accordingly next week.

Supports: 24,250, 24,200

Resistances: 24,500, 24,550

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