Nifty 50 October Futures (25,139)
Nifty 50 is stuck inside a range over the last few days. The range of trade has been 24,900-25,250. Within this range, the index is currently at 25,036, down about 0.1 per cent. The advances/declines ratio is at 22:28. This could keep the bias negative for the day.
Nifty 50 Outlook
As mentioned above, 24,900-25,250 has been the trading range for now. Within this range, the index is now poised around the midpoint of this range. That leaves the outlook mixed for the day. Nifty can go either way from here.
A breakout on either side of the 24,900-25,250 range will determine the next move. A break below 24,900 can take the index down to 24,800-24,750. On the other hand, a decisive break above 25,250 will be bullish to see 25,500 and higher levels in the short term.
Nifty 50 Futures
The Nifty 50 October Futures (25,139) is up 0.08 per cent. The contract has been oscillating between 25,000 and 25,350 for some time now. We will have to wait for a breakout of this range to get clarity on the next move.
A break above 25,350 and a subsequent rise past 25,400 will be bullish. That will open the doors for a rise to 25,500-25,600 and higher.
On the other hand, a break below 25,000 can take it down to 24,900-24,850.
Trade Strategy
Since the market is range bound and unclear, it is better to stay out of the market for now.
Supports: 25,000, 24,900
Resistances: 25,300, 25,400