Nifty 50 September futures (25,910)
Nifty 50 has begun the week on a positive note. The index opened with a gap-up at 25,872 and has risen from there. It is currently trading at 25,908, up 0.45 per cent. The advance/declines ratio is at 36:14. This is positive.
Nifty 50 outlook
Support the Nifty (25,908) is around 25,800. The outlook is bullish to see a rise to 26,200 this week. Intermediate resistance is around 25,950. A break above this resistance can clear the way for a rise to 26,200.
A corrective fall to 25,700 or 25,500 is possible if the Nifty declines below 25, 800. A fall below 25,800 is possible if the Nifty fails to breach 25,950 from here.
Nifty 50 futures
The Nifty 50 September futures (25,910) is up 0.55 per cent. The contract has a resistance around 26,000. It made an intraday high of 25,945 and has come down from there. We can expect this resistance at 26,000 to hold at least for today.
Support is at 25,800 which can be tested during the day. If the contract fails to sustain above it, a fall to 25,650 is possible in the next few sessions.
However, the broader picture is bullish. As such, a fall beyond 25,650 is less likely.
Trading strategy
Consider the chances of a corrective fall below 25,800, we suggest traders to stay out of the market today. Fresh long positions can be avoided at current levels.
Supports: 25,800, 25,650
Resistances: 26,000, 26,200