Nifty 50 September Futures (25,053)
Nifty 50 has risen back above 25,000. Need to see if it getting a strong follow-through rise from here or not. Broadly Nifty has been oscillating between 24,750 and 25,200 over the last few days. It is currently trading at 25,038, up 0.48 per cent. The advances/declines ratio is at 42:8. This is positive.
Nifty 50 outlook
As mentioned above, there is a range of 24,750 to 25,200. As long as the Nifty stays within this range, the outlook will remain unclear. We will have to wait for a breakout on either side of 24,750-25,200 to get clarity on the next direction of move.
A break above 25,200 will be bullish. It will open the doors for the Nifty to rise towards 25,500 and higher in the coming days.
On the other hand, a break below 24,750 will be bearish to see a fall to 24,500 and lower.
Nifty 50 Futures
The Nifty 50 September Futures (25,053) are up 0.45 per cent. The contract has a range of 24,800 to 25,200 within which it has been moving for some time.
Within this range, the contract is now poised around the mid-point. So, there are equal chances to go either way within the range from here during the day.
A breakout on either side of 24,800-25,200 will give a clarity on whether the Nifty 50 September Futures can rise to 25,400 or fall to 24,600.
Trade Strategy
Since the immediate picture is unclear, traders can stay out of the market today.
Supports: 24,900, 24,800
Resistances: 25,200, 25,400