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Nifty 50 January Futures (8,273) The Nifty futures contract started the session with a gap-up, opening at 8,254. It recorded an intra-day low at 8,236 in the initial hours of trading and subsequently began to trend northwards witnessing buying interest. The contract extended its upmove and encountered resistance in the band between 8,290 and 8,300 levels.
The underlying Nifty 50 index has gained more than 0.8 per cent on buying interest. The advances/ declines ratio in the Nifty 50 index is completely biased towards advances in today's session. The outlook is bullish for the Nifty index as well as the Nifty futures contract. Traders can make use of intra-day dips to buy the Nifty futures contract with a stop-loss at 8,250 levels. The contract can resume its upmove and test resistance at 8,300 levels.
An emphatic breakthrough of 8,300 can push the contract higher to 8,330 and then to 8,350 levels in the short term. On the other hand, a decisive fall below the immediate support range between 8,250 and 8,255 can pull the contract down to 8,225 and then to 8,200. But a conclusive fall below 8,200 will bring back selling pressure in the contract and drag it lower to 8,175 and 8,150 levels.
Strategy: Buy on declines while maintaining a fixed stop-loss at 8,250 levels
Supports: 8,250 and 8,225
Resistances: 8,300 and 8,330
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