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Nifty December Futures (7,965)
The Nifty futures contract has begun the week on a volatile note. The contract rose to a high of 7,994.5 from its intraday low of 7,952.4 and has reversed lower again. The downmove from the day’s high is getting support near 7,960.
Key intraday support is at 7,945. There is no immediate danger for any fall as long as the contract trades above this support. A rise to 8,010 looks likely now. A strong break above 8,010 can take the contract further higher to 8,030.
Short-term traders can go long. Stop-loss can be kept at 7,935 for the target of 8,005.
The intraday outlook will turn negative if the contract declines below 7,945. The next targets will be 7,925 and 7,900.
Strategy: Go long with a stop-loss at 7,935
Supports: 7,945, 7,925
Resistances : 8,010, 8,030
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