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Nifty 50 January futures (10,538) Taking cues from the positive US markets close in the last session, the Nifty and Sensex started the day in the green. The Nifty futures January contract started the session at 10,501 and fell to mark an intra-day low of 10,469. However, the contract bounced up strongly, breaching the resistance at 10,500. The contract extended its rally and recorded an intra-day high of 10,554.
The market breadth of the Nifty index is biased towards advances. The near-term outlook stays positive as long as the contract trades above the key support level of 10,520. Traders with a short-term view can make use of intra-day dips to buy the contract, while maintaining a fixed stop-loss at 10,510 levels. Key supports below 10,520 are placed at 10,500 and 10,470. A decisive rally beyond the immediate resistance at 10,550 can push the contract higher to 10,575 and 10,600 levels.
Strategy: Make use of intra-day dips to buy the contract with a fixed stop-loss at 10,510 levels
Supports: 10,520 and 10,500
Resistances: 10,550 and 10,575
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