Nifty Active Call: Make use of intra-day dips to go long with stop-loss at 10,460

Updated - January 09, 2018 at 02:41 PM.

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Nifty 50 December Futures (10,493)

The Nifty as well as the Sensex began the session on a positive note, taking bullish cues from the global markets. The US markets closed marginally in the positive territory and the Asian markets also traded in the green. The Nikkei 225 entered the positive zone by gaining 36 points to 22,902 and the Hang Seng index continued to trade in green, advancing 94 points to 29,461.

The Nifty futures December contract started the session on a negative note, opening at 10,460 levels. But the contract bounced back into the positive territory after marking an intra-day low of 10,456. The near-term outlook will remain bullish as long as the contract trades above 10,465 levels. The market breadth is biased towards advances.

Traders with a near-term perspective can make use of intra-day dips to buy the contract while maintaining a fixed stop-loss at 10,460 levels. The contract can retest the intra-day high of 10,502. Further rally beyond this level can push the contract higher to 10,525 and then to 10,550 levels in the short term.

Conversely, if the contract decisively declines below the key support level of 10,465, it can experience selling pressure ahead of long weekend and can extend the decline to 10,450 or to 10,430 levels. Next key support is pegged at 10,400.

Strategy: Make use of intra-day declines to go long with a fixed stop-loss at 10,460 levels

Supports: 10,465 and 10,450

Resistances: 10,502 and 10,525

Published on December 22, 2017 07:46