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Nifty 50 December Futures (18,940)
Domestic benchmarks BSE Sensex and NSE Nifty are maintaining the gaining momentum. While Sensex (63,376) is up 0.44 per cent, Nifty 50 (18,834) is up 0.4 per cent. Nifty has risen above the key level of 18,800. As long as it sustains above this level, a further rise to 18,900 and 19,000 can be seen in the coming days.
Global cues
All of the major Asian indices are trading in green. Hang Seng (18,895) and Nikkei 225 (28,275) are up 1.6 and 1.1 per cent, respectively, while Shanghai Composite (3,171) is up 0.65 per cent and Kospi (2,480) is up 0.32 per cent.
In the US, the Dow Jones Industrial Average (34,589) had surged 2.18 per cent yesterday. It retains the broader bullish view intact for seeing 35,000 on the upside.
Nifty 50 Futures
The Nifty 50 December Futures (18,940) is up 0.35 per cent. Intraday support is at 18,910-18,900. The chances are high for the contract to sustain above 18,900 and see a rise again to test 19,000. A break above 19,000 will pave way for further rise to 19,100-19,200.
The above-mentioned rise to 19,100-19,200 will get reduced if the Nifty 50 December Futures contract breaks below 18,900. In that case, the contract can fall to 18,850-18,800. But such a fall looks less probable.
Trading strategy
Go long now and accumulate on dips at 18,920. Keep the stop-loss at 18,880. Trail the stop-loss up to 18,960 as soon as the contract moves up to 18,985. Move the stop-loss further up to 18,990 when the contract touches 19,010 on the upside. Book profits at 19,040.
Supports: 18,900, 18,850
Resistances: 19,000, 19,100
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