Nifty 50 December Futures (7,662)
The Nifty futures began the session on a negative note and started to experience a volatile movement. The contract recorded an intra-day high at 7,673 and declined to mark the day's low at 7,636 levels. However, the contract bounced back from this low, recovering the loss. The contract faces key resistance at 7,675 levels.
A strong break of this level is needed to strengthen the bullish momentum and take the contract higher to 7,700 and then to 7,730 levels.
The next key resistance is placed at 7,750 levels. Therefore, traders with a short-term view can initiate long positions on a rally above 7,675 levels with a stop-loss at 7,660 levels.
Having said that, an emphatic fall below the key support level of 7,630 will weaken the contract and drag it down to 7,600.
Strategy: Initiate fresh longs on a strong rally above 7,675
Supports: 7,650 and 7,630
Resistances: 7,675 and 7,700