Nifty 50 October Futures (24,575)

Nifty 50 is getting some breather today after having fallen over the last two days. The index fell to a low of 24,378 in early trades and then has risen back from there. It is currently trading at 24,518, up 0.18 per cent. The advances/declines ratio is at 26:24. This is slightly mixed and could take the market either way.

Nifty 50 outlook

Support for the Nifty (24,518) is at 24,400 which is holding well for now. Good chances to see a rise to 24,600-24,680 during the day. But what happens after that will be crucial in deciding the next move.

If Nifty manages to breach 24,680, then it will be bullish to see 24,800-24,850 in the coming sessions. But a reversal from the 24,600-24,680 region can drag the index down to 24,450-24,400 again.

Nifty will come under renewed selling pressure only if it declines below 24,400. That in turn can drag it down to 24,300-24,200.

Nifty 50 Futures

The Nifty 50 October Futures (24,575) have risen back well from the low of 24,462. Support is in the 24,430-24,400 region which is holding well.

Immediate resistance is at 24,650. If the contract breaks above it, a rise to 24,800 can be seen during the day.

The region between 24,800-24,850 is a crucial resistance zone. Whether the contract breaks above 24,850 or not will determine the move going forward.

The contract will come under pressure again if it declines below 24,400. Such a break can drag the Nifty 50 October Futures contract down to 24,000 in the coming days.

Trade Strategy

We suggest traders to stay out of the market. 24,400-24,850 is the expected trading range for now. Once this range is broken on either side, trades can be taken accordingly.

Supports: 24,400, 24,200

Resistances: 24,650, 24,850

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