Technical Analysis

Nifty Call: Go long a strong rally above 10,830

Yoganand D, BL Research Bureau | Updated on December 14, 2018

Nifty 50 December Futures (10,816)

Nifty and Sensex began the session in the negative territory, tracking bearish Asian markets. Nikkei 225 index slumped 441 points or 2 per cent to 21,374 and Hang Seng index declined 418 points or 1.6 per cent to 26,105 levels in today session.

But domestic markets bounced up and entered the positive territory. Benchmark indices continue to trade volatile, vacillating between negative and positive territory. The market breadth of the Nifty index is marginally biased towards advances.

December month Nifty futures contract began the session on a negative note at 10,806. After marking an intra-day low of 10,771, the contract began to move up. Subsequently, the contract started to trend upwards and marked an intra-day high of 10,837. The contract has a key immediate resistance at 10,830.

A strong break above this level is needed to strengthen the upmove and take the contract higher to 10,850 and 10,875 levels. Next key resistance is at 10,900. On the other hand, key supports are at 10,800 and 10,775. Traders should tread with caution as long as the contract is range-bound between 10,800 and 10,830. Go long a strong rally above 10,830 with a fixed stop-loss.

Strategy: Go long above 10,830  

Supports: 10,800 and 10,775

Resistances: 10,830 and 10,850

Published on December 14, 2018

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