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Nifty 50 January Futures (8,382)
The Nifty 50 futures contract opened the week on a strong note. The contract reversed sharply higher from the day’s low of 8,333 and is hovering around the psychological 8,400 mark. Technically, this reversal has happened from the 200-day moving average support, which indicates a positive outlook. Resistance lies in the 8,410 and 8,420 region, which is holding up for now. A strong break above 8,420 can take the index futures higher to 8,450 and 8,470.
Strong intra-day support is seen in the 8,350-8,330 region, which is likely to limit the downside for the day. Traders with a short-term perspective can go long on dips near 8,355. Stop-loss can be placed at 8,330 for the target of 8,405.
The outlook will turn negative only if the contract declines below 8,330 decisively. The next targets are 8,300 and 8,270.
Strategy: Go long on dips near 8,355 with a stop-loss at 8,330
S upports: 8,350, 8,330
Resistances: 8,420, 8,450
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