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Nifty 50 Dec Futures (10,545)
The Nifty 50 futures contract is continuing to trade on a positive note. However, the contract is currently facing resistance around 10,550 and is hovering around this level for some time. Inability to break above this hurdle can pull the contract lower to 10,520 or 10,500. Further fall below 10,500 is less likely now as fresh buying can emerge at lower levels and limit the downside in the contract.
An upward reversal from 10,520 or 10,500 can take the contract higher to 10,550 again. An eventual break above 10,550 can boost the momentum and take the contract higher to 10,575 and 10,600.
Short-term traders can make use of dips to go long at 10,530. Stop-loss can be placed at 10,510 for the target of 10,570. Revise the stop-loss higher to 10,545 as soon as the contract moves up to 10,560.
Strategy: Go long on dips at 10,530 with a stop-loss at 10,510
Supports : 10,520, 10,500
Resistances: 10,550, 10,575
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