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Nifty 50 is continuing its struggle to gain strength. The index has been stuck inside a range since the beginning of this week. Within the range, it is currently trading at 24,181, down marginally by 0.05 per cent for the day. The advances/declines ratio is at 22:28. This keeps the bias inclined towards the bears and keeps the chances high to see a fall during the day.
Nifty 50 Outlook
The broad range of trade for the Nifty 24,100-24,400. A breakout on either side of this range will determine the next move. A break below 24,100 can drag the index down to 24,950 and lower.
On the other hand, a break above 24,400 can boost the bullish momentum. Such a break will take the Nifty up to 24,500-24,600 in the coming sessions.
Nifty 50 Futures
The Nifty 50 November Futures (24,190) is down 0.12 per cent. The contract has been oscillating inside 24,100-24,400 this week. That leaves the outlook unclear. We will have to wait for a breakout on either side of 24,100-24,400 to get a clear cue on the next move.
A break above 24,400 will be bullish to see 24,600-24,700. On the other hand, a break below 24,100 will be bearish to see 23,900 on the downside.
Trade Strategy
Since the market is stuck inside a range. We suggest traders to stay out of the market.
Supports: 24,100, 23,900
Resistances: 24,400, 24,600
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