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Nifty 50 December Futures (17,083)
The Indian benchmark indices continue to recover. The Sensex and Nifty 50 are up about 0.6 per cent each today. Nifty is trading at 17,060 and Sensex is at 57,285. Support for Nifty is in the 16,980-16,950 region. As long as the index trades above this support zone, the chances are high for it to move up further towards 17,200 and even 17,400 from here in the coming sessions. However, please note that the broader trend will remain down and there can be a fresh leg of fall from higher levels. Sensex on the other hand supports at 57,000 and 56,500 while above which a rise to 58,000 is possible.
On the global front all major Asian indices are trading in green today. Nikkei 225 (28,725), Shanghai Composite (3,626), Hang Seng (23,172) and Kospi (2,990) are all up in the range of 0.1-0.6 per cent. In the US the Dow Jones Industrial Average (35,753) was up 0.74 per cent yesterday.
Futures: The Nifty 50 (17,083) December Futures contract is coming down after making a high of 17,124. Supports are at 16,980 and 16,960 which can limit the downside for now. A fresh rise to 17,250-17,450 is possible in the coming sessions. Thereafter, a fresh leg of fall can be seen that can keep the broader downtrend intact.
Traders with high-risk appetite can make use of dips to go long at 16,970. Stop-loss can be placed at 16,840. Trail the stop-loss up to 16,995 as soon as the contract moves up to 17,040. Move the stop-loss further up to 17,080 as soon as the contract moves up to 17,120. Book profits at 17,240.
As mentioned above, there chances are high for the contract to reverse lower again from higher levels. As such, we will be looking the market again from the sell side as the Nifty 50 contract approaches 17,300-17,400 region.
Strategy: Go long on dips at 16,970 with a stop-loss at 16,840 and for the target of 17,240. Trail the stop-loss up to 16,995 as soon as the contract moves up to 17,040. Move the stop-loss further up to 17,080 as soon as the contract moves up to 17,120.
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