Nifty 50 September Futures (26,079)
Nifty 50 is managing to sustain above 26,000. The index is currently trading at 26,064, up 0.24 per cent. The advances/declines ratio is at 28:22. The bias here is positive. A strong follow-through rise from here can take the index up during the day.
Nifty 50 Outlook
The view is bullish. But there is a key intraday resistance coming up to 26,110. The index can rise to test this resistance during the day. But whether it manages to break above it or not will determine the next move.
Failure to breach 26,130 can take the index down to 26,000 again. A strong break above 26,110 on the other hand can boost the momentum and take the index up to 26,200 and higher.
Nifty 50 Futures
The Nifty 50 September Futures (26,079) is up 0.3 per cent. The contract has strong resistance at 26,120. Failure to breach this hurdle can drag the contract down ton 26,030-26,000.
But a strong break above 26,120 will be bullish to see an extended rise to 26,200 and higher.
Trade Strategy
Considering the risk/reward ratio and the key resistance that is coming up, we suggest traders to stay out of the market today.
Supports: 26,000, 25,900
Resistances: 26,120, 26,200