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Nifty 50 January futures (18,045)
The Sensex and Nifty 50 have bounced back well from their intraday lows. Both the indices have oscillated in a range over the last few days. The Nifty is at 17,966 and Sensex at 60,337, up over 0.3 per cent each.
Nifty has been trading in the range of 17,800 and 18,150. It hit a low of 17,825, before bouncing back sharply from there. The 17,800-18,150 range is holding well. The chances for a move up towards the upper end of this range are high.
Global indices
The Asians are all in green. The Nikkei 225 (26,429), Shanghai Composite (3,175), Hang Seng (21,549) and Kospi (2,360) are all up in the range of 0.2-1 per cent.
In the US, the Dow Jones Industrial Average (33,704) rose well on Monday. The outlook for the index to test 33,800-34,000 initially is bullish. The chances for the Dow to breach 34,000 and move further higher eventually are high.
Nifty 50 futures
The Nifty 50 January futures (18,045) is up 0.34 per cent. It has bounced back sharply from the day’s low of 17,890.
Immediate support is at 17,990. If the contract manages to sustain above this support, a rise to 18,180-18,200 is possible in the coming sessions.
The contract will come under pressure to test 17,900 only if it breaks below 17,890.
Trading Strategy
Go long now and accumulate at 18,015. Keep the stop-loss at 17,970. Trail the stop-loss up to 18,060 as soon as the contract moves up to 18,090. Move the stop-loss further up to 18,110 when the contract touches 18,140 on the upside. Exit long positions at 18,170.
Supports: 17,790, 17,900
Resistances: 18,180, 18,220
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