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Nifty 50 January Futures (10,620)
The Nifty January futures opened in the red at 10,643. After recording an intraday high at 10,648, the contract started to decline witnessing selling pressure at higher levels.
Asian markets were showing mixed cues. The Nikkei 225 was down by 61 points at 23,788, while the Hang Seng index was up by 151 points at 31,162.
The market breadth of the Nifty index is biased towards declines. However, the Nifty futures contract found support at an intraday low of 10,596 and began to recover. The contract has a key support at 10,600.
Traders can buy the contract at the current levels with a fixed stop-loss at 10,600. The contract can move higher and test resistance in the band between 10,645 and 10,650.
A strong rally beyond this band can take the contract higher to 10,665 and 10,690 levels. But, if the contract conclusively declines below 10,600, it can bring back selling pressure and pull the contract down to 10,575 and 10,550 levels. In that case, desist taking fresh long positions.
Strategy: Buy the contract at current levels with a tight stop-loss at 10,600
Supports : 10,600 and 10,575
Resistances: 10,650 and 10,665
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