Technical Analysis

Nifty Call: Use intra-day dips to go long with fixed stop-loss at 12,140 levels

Yoganand D | Updated on December 17, 2019 Published on December 17, 2019

Nifty 50 December Futures (12,175)

Taking positive cues from the global markets, the Sensex and the Nifty began the session with a gap-up open and continued to trend upwards. The Nikkei 225 has advanced 0.47 per cent to 24,066 and Hang Seng index has jumped 1 per cent o 27,797 in today's session. Both the Nifty and the Sensex has gained about 0.8 per cent each. The market breadth of the Nifty is biased towards advances. On the other hand, the India VIX has tumbled 4.5 per cent to 12.8 levels. The Nifty mid and small-cap indices have climbed 0.5 per cent and 0.9 per cent respectively. Baring Nifty Pharma and Realty indices, all the other sectoral indices are trading in the positive territory. Nifty metal index is the biggest gainer which has advanced 3 per cent.

The Nifty December month contract began the session with a gap-up open at 12,099. After recording an intra-day low at 12,094 the contract continued to trend upwards breaking a key resistances at 12,100 and 12,150 levels. The near-term outlook is bullish. Traders can make use of intra-day dips to buy the contract with a stop-loss at 12,140 levels. A strong rally above 12,180 can test the resistance at 12,200 levels. Key supports below 12,150 are at 12,125 and 12,100 levels.

Strategy: Make use of intra-day dips to go long with a fixed stop-loss at 12,140 levels

Supports: 12,150 and 12,125

Resistances: 12,180 and 12,200

Published on December 17, 2019
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