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Nifty 50 December Futures (10,385)
The Nifty December futures contract started the session on a positive note at 10,167, but subsequently fell on selling pressure, and recorded an intra-day low of 10,126.
Taking support at around 10,125, the Nifty futures contract began to recover and has now entered into the positive territory. The advances/declines ratio of the Nifty index has tilted towards advances.
The contract breached the immediate resistance at 10,150 and recorded an intra-day high of 10,193. The near-term outlook will remain positive as long as the contract trades above the key support level of 10,150.
Traders with a near-term perspective can buy in dips with a fixed stop-loss at 10,145 levels. The contract can test resistance at 10,200. A strong rally beyond this resistance can push the contract higher to 10,225 and then to 10,250 levels. Key supports below 10,150 are placed at 10,125 and 10,100 levels.
Strategy: Go long in dips with a fixed stop-loss at 10,145 levels.
Supports: 10,150 and 10,125
Resistances : 10,200 and 10,225
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