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Nifty 50 December Futures (10,508)
The Nifty and the Sensex started the session on a positive note, but subsequently turned volatile and entered into the negative territory.
The Nifty December futures contract also started the session in the green, opening at 10,506. After marking an intra-day high of 10,515, the contract started the decline and recorded an intra-day low of 10,496. The contract is trading in a narrow range in the band between 10,495 and 10,515, without any bias.
The market breadth of the Nifty index is marginally biased towards advances. The contract can be range-bound for a while. Traders with a short-term perspective should tread with caution and can go long on a strong rally beyond 10,515 levels with a fixed stop-loss.
The contract can trend higher and test resistance at 10,530 and 10,550 levels. On the other hand, key support is in the band between 10,495 and 10,500. A decisive fall below this support band can bring selling pressure and pull the contract down to 10,475 and 10,450 levels. Next key supports are placed at 10,425 and 10,400.
Strategy: Go long on a strong rally beyond 10,515 levels with a fixed stop-loss.
Supports: 10,495 and 10,475
Resistances: 10,515 and 10,530
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