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Nifty 50 January Futures (18,184)
BSE Sensex and NSE Nifty have opened the week on a positive note. Both the indices are up about 0.7 per cent each. While the Sensex is trading at 61,080, Nifty 50 is at 18,150.
Nifty is managing to hold above 18,000. This could keep it in a range of 18,000-18,200/18,300 for some time. Nifty will come under pressure only if it breaks below 18,000. Such a break can take it down to 17,900-17,800 again.
On the chart, the bias is positive. We can expect Nifty to touch 18,200 today and move further up eventually this week as long as it stays above 18,000.
Global indices
In Asia, China, Hong Kong and South Korean markets are closed today. Japan’s Nikkei 225 (26,907) is up over a per cent.
In the US, the Dow Jones Industrial Average (33,375) had seen a bounce back on Friday. However, it will have to be seen if the Dow can see a strong follow-through rise today in order to reduce the pressure of falling back.
Nifty 50 Futures
The Nifty 50 January Futures (18,184) is up 0.7 per cent. A very crucial intraday resistance is at 18,200. A strong break above it is needed for the index to touch 18,250 and 18,300 in the coming sessions.
Failure to breach 18,200 can drag it down to 18,100-18,090. A decisive break below 18,090 will be negative to see 18,000 and lower levels on the downside.
Trading Strategy
Go long only on a break above 18,200 and keep the stop-loss at 18,180. Trail the stop-loss up to 18,225 as soon as the contract moves up to 18,245. Move the stop-loss further up to 18,265 when the contract touches 18,280 on the upside. Exit the longs at 18,290.
Supports: 18,100, 18,000
Resistances: 18,200, 18,300
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