Nifty 50 October Futures (24,432)
Nifty 50 is managing to stay afloat. The index has been getting good support around 24,150 since the beginning of this week. It is now important to see if it is getting a strong follow-through rise in the coming days. Nifty is currently trading at 24,405, down 0.25 per cent. The advances/declines ratio is 26:24. This indicates that the market sentiment is slightly mixed.
Nifty 50 outlook
Nifty is facing resistance around 24,500 now. A strong break above it is needed for it to go up towards 24,600-24,650. Support is around 24,300. A break below it can take the index down to 24,100 and 24,000 again.
So, broadly, 24,300-24,500 can be the trading range for now. A breakout on either side of this range will then determine the next leg of move.
Nifty 50 Futures
The Nifty 50 Futures (24,432) are down 0.18 per cent. Resistances are at 24,500 and 24,600. The contract has to rise past 24,600 in order to gain fresh bullish momentum. Only in that case, the doors will open for a rise to 24,700 and higher.
Support is in the 24,350-24,300 region. A break below 24,300 will trigger a fall to 24,200 and lower.
Trade Strategy
The intraday outlook is slightly mixed. A range bound move is possible today. So, we suggest traders to stay out of the market today.
Supports: 24,300, 24,200
Resistances: 24,500, 24,600