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Nifty 50 December Futures (21,420)
The surge continues. Nifty 50 retains its momentum and has risen further today. The index is trading at 21,295, up 0.53 per cent.
Outlook is bullish. Support will now be in the 21,250-21,200 region. As we mentioned yesterday, Nifty can target 21,400. It looks like this rise can happen much faster than expected. Also, the chances of the upside extending beyond 21,400 also cannot be ruled out.
Global indices
Asian markets are all in green. Hang Seng (16,893) has surged 3 per cent. Nikkei 225 (33,034), Kospi (2,565) and Shanghai Composite (2,968) are up the range of 0.3 to 1 per cent.
The Dow Jones Industrial Average (37,248) has moved up further. The outlook continues to remain bullish. It can test 37,500 initially. An eventual break above 37,500 can take the Dow Jones up to 38,500-39,000 over the medium-term.
Nifty 50 Futures
The Nifty 50 December Futures (21,420) is up 0.4 per cent. The outlook is bullish. Immediate support is at 21,420. A break below it can take the contract down to 21,350 during the days. But that fall may not happen as the momentum is looking strong. As such the chances are high for the Nifty 50 December Futures contract can rise to 21,480-21,500 in the coming sessions.
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Trade Strategy
Traders can go long now and accumulate at 21,400. Keep the stop-loss at 21,370. Trail the stop-loss up to 21,430 when the contract moves up to 21,455. Move the stop-loss further up to 21,460 when the contract touches 21,475. Exit the long positions at 21,490.
Supports: 21,400, 21,350
Resistances: 21,500, 21,600
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