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Nifty 50 January Futures (7,433) Taking cues from the Asian markets which are trading in the green, the domestic indices also started the session on a positive note.
The Nifty futures contract opened with a gap-up at 7,394. After marking an intra-day low at 7,376, the contract moved up, breaching the immediate resistance at the 7,400 level.
Traders with a short-term perspective can buy the contract on dips with a stop-loss at 7,410 levels. Continuation of the uptrend can take the contract higher to 7,450 and then to 7,470.
The next important resistance is at 7,500 levels. But, the failure to hold above the key support level of 7,400 can drag the contract down to 7,375 and then to 7,350. The immediate support is at 7,420.
Strategy: Buy the contract on dips while maintaining a stop-loss at 7,410 levels.
Supports: 7,420 and 7,400
Resistances: 7,450 and 7,470
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