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Nifty 50 December futures (24,490)
Nifty 50 is trading lower. It is down 0.90 per cent and is currently trading at 24,446. The advances/declines ratio is at 7:43. This is clearly negative. It leaves the danger high to see more fall during the day.
Nifty has declined well below the key support level of 24,500. This is a negative. Intraday support is at 24,400. A break below this support will increase the danger of seeing a steeper fall to 24,200 in the coming sessions.
In case Nifty manages to bounce from around 24,400, a rise to 24,500 is possible. The price action around 24,400 will need a close watch.
The Nifty 50 December futures (24,490) is down almost a per cent now. It has just declined below the key support level of 24,500. Need to see if this sustains. A further fall from here can drag the contract down to 24,380 and even 24,300 in the coming sessions.
The Nifty 50 December Futures contract will have to rise above 24,600 in order to get a breather and move higher.
Go short on a break below 24,470. Keep the stop-loss at 24,510. Trail the stop-loss down to 24,455 as soon as the contract falls to 24,430. Move the stop-loss further down to 24,415 when the contract touches 24,405. Exit the shorts at 24,380.
Supports: 24,480, 24,380
Resistances: 24, 600, 24,700
Published on December 17, 2024
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