Nifty call. Nifty prediction for November 29, 2022: Go long on a break above 18,800

Nifty 50 December Futures (18,770)

Domestic benchmarks BSE Sensex and Nifty 50 gained 0.45 per cent each in early trade, indicating that the upmove is gaining momentum.

Sensex was at 62,794, while Nifty 50 was at 18,646 at the time of filing this report. The outlook is bullish, and the Nifty can rise to 18,800 in the near-term.

Global cues

In Asia, barring the Nikkei 225 (28,034, down 0.46 per cent), major indices are in green. Hang Seng (18,023) has surged the most and is up 4.2 per cent. Shanghai Composite (3,145) is up 2.17 per cent, while Kospi (2,429) is up 0.89 per cent.

In the US, the Dow Jones Industrial Average (33,849) had declined sharply by 1.45 per cent. The index has come down below the key level of 34,000 and can extend the fall to 33,500 before reversing higher again.

Nifty 50 Futures

The Nifty 50 December Futures (18,770) is up 0.41 per cent today. It is heading towards 18,800 in line with our expectation. A break above 18,800 can see an extended upmove to 18,850-18,870 today.

Intraday supports are at 18,730 and 18,680. Inability to break above 18,800 can trigger a corrective fall to 18,730 or 18,680. So, the price action in the 18,800 region will need a close watch today.

Trading Strategy

Go long only on a break above 18,800. Keep a tight stop-loss at 18,780. Trail the stop-loss up to 18,820 when the contract moves up to 18,840. Move the stop-loss further up to 18,845 when the contract touches 18,860 on the upside. Book profits at 18,870.

Supports: 18,730, 18,680

Resistances: 18,800, 18,850

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