Comments
Nifty 50 December Futures (8,255)
After taking positive cues from the global markets, the Nifty 50 and Sensex started the session on a firm note.
Asian markets hit their one-month high after taking bullish cues from the US markets. In the domestic market, strong buying is seen in metal and auto stocks.
The Nifty 50 futures contract started the day with a gap-up opening at 8,176, which is also the day's low. The contact extended its bullish momentum and breached the immediate key resistance at 8,200.
Subsequently, the contract registered an intra-day high at 8,262 levels. Near-term outlook will remain bullish as long as the contract trades above the key support level of 8,220.
Traders with a short-term perspective can make use of dips to buy the contract with a stop-loss placed at 8,220 levels.
The contract can continue to move up and test resistance at 8,260 and then at 8,275 levels. Strong rally beyond 8,275 can take the contract higher to 8,300 levels.
Conversely, if the contract declines below 8,220 it can find support at 8,200. But a decisive plunge below 8,200 will bring back selling pressure and pull the index down to 8,180 and 8,160 levels.
Strategy: Make use of dips to go long with a fixed stop-loss at 8,220 levels
Supports : 8,220 and 8,200
Resistances: 8,260 and 8,275
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.