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Nifty 50 January Futures (10,945)
The Nifty and the Sensex began the session on a positive note, taking bullish cues from the positive US markets close. The Dow Jones and S&P 500 index gained 0.65 per cent and 1 per cent respectively in the last session. The Asian markets are mixed, the Nikkei 225 has slipped 0.5 per cent and Hang Seng index has climbed 0.2 per cent in today's session.
After an initial decline, the domestic benchmark indices continue to trade in the positive territory. The market breadth of the Nifty index is slightly biased towards advances. The Nifty January futures contract began the session at 10,930 levels. Following an initial rally to the intra-day high of 10,963, the contract recorded an intra-day low at 10,911. It has bounced up from this level. The near-term outlook will remain positive as long as the contract trades above 10,900 levels. Traders with a near-term view can buy the contract in declines while maintaining a stop-loss at 10,890 levels. Key supports are at 10,925 and 10,900. Resistances above 10,975 are placed at 11,000 and 11,025 levels.
Strategy: Buy in intra-day declines while maintaining a fixed stop-loss at 10,890 levels.
Supports: 10,925 and 10,900
Resistances: 10,975 and 11,00
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