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Nifty 50 December Futures (10,987)
The domestic benchmark indices the Nifty and the Sensex began the session on a positive note despite Asian markets showing signs of weakness. The Nikkei 225 has declined 0.6 per cent to 20,987 levels and Hang Seng index is trading almost flat at 25,840 levels.
The Nifty December month futures contract commenced the session on a positive note with a gap-up open at 10,959. After marketing an intra-day low at 10,946, the contract continued to trend upwards. The market breadth of the Nifty index is biased towards advances. Both the Nifty Mid- and Small-cap indices have surged more than 1.3 per cent in today’s session. The near-term outlook is bullish for the Nifty December futures contact. The contract can continue to trend upwards and test resistance at 11,000 in the near term. A strong break above this level is needed to strengthen the contract and take it higher to 11,030 and 11,050 levels. Key supports are at 10,950 and 10,925. On the downside, a fall below 10,925 can find support at 10,900. Traders with a near-term perspective can buy the contract with a fixed stop-loss at 10,850 levels.
Strategy: Buy in declines while maintaining a fixed stop-loss at 10,950 levels.
Supports: 10,950 and 10,925
Resistances: 11,000 and 11,030
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