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Nifty 50 December Futures (10,504)
The Nifty December futures contract started the session on a positive note, opening at 10,509. Both the Nifty and Sensex also opened the session in the green and turned volatile.
The Nifty futures contract marked an intra-day high of 10,517 and began to decline. After recording an intra-day low of 10,488, the contract bounced up and has re-entered the positive territory. The market breadth of the Nifty index is evenly balanced. The contract can continue to move sideways in a narrow range between 10,490 and 10,520 and it can remain choppy as the December futures contract expires.
Traders with a near-term perspective should thread with caution as long as the contract trades in the band between 10,490 and 10,520. Fresh long position can be initiated with a fixed stop-loss only if the contract moves beyond 10,520 levels. Next key resistances are at 10,540 and 10,560 levels. Key supports below 10,490 are at 10,475 and 10,450.
Only a strong fall below 10,490 will bring back selling pressure and pull the contract down to 10,450 levels. Subsequent supports below 10,450 are pegged at 10,425 and 10,400.
Strategy: Fresh long positions are recommended on a strong rally beyond 10,520 levels with a tight stop-loss.
Supports: 10,490 and 10,475
Resistances: 10,520 and 10,540
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