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Nifty 50 December Futures (8,208)
The psychological support at 8,200 is strongly limiting the downside in the Nifty 50 futures contract at the moment.
The index futures fell to an intra-day low of 8,195 after opening at 8,229. It has bounced back from the day's low.
A key trend-line is also poised around 8,200 which makes this level a strong support for the contract. This leaves the possibility of the contract continuing to stay above 8,200.
A rise to test the immediate resistance at 8,230 is possible now. A break above 8,230 can target 8,250 and 8,275 thereafter.
Short-term traders with high-risk appetite can go long at current levels. Stop-loss can be placed at 8,185 for the target of 8,250.
The intra-day outlook will turn negative only if the contract declines below 8,200 decisively. The ensuing targets on such a fall are 8,170 and 8,150
Strategy: Go long with a stop-loss at 8,185
Supports : 8,200, 8,170
Resistances : 8,230, 8,250
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