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Nifty 50 Jan Futures (10,905) The Nifty 50 futures contract began the week on a positive note. However, the contract is not gaining momentum to extend its upmove. It has come off after making an intraday high of 10,920, and has been hovering around 10,900 for some time. The overall outlook is bullish. A strong break above 10,920 will boost the bullish momentum. Such a break will pave the way for the next target of 10,960. A further break above 10,960 will increase the likelihood of the contract targeting 11,000 thereafter.
Short-term traders can go long on a break above 10,920. Stop-loss can be placed at 10,895 for the target of 10,960. Revise the stop-loss higher to 10,935 as soon as the contract moves up to 10,945. Immediate support for the contract is at 10,890. The contract will come under pressure if it declines below this support. In such a scenario, the bullish outlook will get negated and a fall to 10,850 is possible.
Strategy: Go long on a break above 10,920 with a stop-loss at 10,895
Supports: 10,890, 10,860
Resistances: 10,920, 10,960
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