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Nifty January Futures (8,358)
The Sensex and the Nifty are trading mixed, the former in the red and the latter in the green, after both opened on a positive note. The Nifty futures contract also opened in positive territory at 8,385 from its previous close of 8,360. However, after marking an intra-day high at 8,388, the contract tuned volatile and declined to register an intra-day low at 8,342 levels.
As the contract is expected to move in a narrow range in the near-term, the trend is indecisive. Traders with a short-term perspective should, therefore, tread with caution and initiate fresh long positions only on a decisive rally above 8,388 levels with a stop-loss at 8,375 levels.
A strong rally above 8,388 can push the contract higher to 8,425 levels. The next resistance is at 8,450.
Having said that, a conclusive fall below 8,340 can activate selling pressure and pull the contract down to 8,320 and 8,300 levels. Subsequent support is at 8,270 levels.
Strategy: Buy only on a decisive rally above 8,388 with a stop-loss at 8,375
Supports: 8,340 and 8,320
Resistances: 8,388 and 8,425
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