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Nifty 50 December futures (21,503)
The Nifty 50 is trading flat. The index is attempting to bounce back from the lows made in early trade. It is currently trading at 21,455. Intraday supports are at 21,400 and 21,350. The outlook is bullish. We expect the Nifty to stay above 21,400, and rise to 21,600 in the coming sessions.
Global indices
In Asia, while the Kospi (2,571) is up 0.3 per cent, other major indices are in the red, including, the Hang Seng (16,633), which is down 0.94 per cent, and the Nikkei 225 (32,717) and Shanghai Composite (2,938) which are down 0.75 and 0.13 per cent respectively.
In the US, the Dow Jones Industrial Average (37,305) moved up slightly on Friday. The outlook is bullish. We expect the Dow Jones to rise to 38,000-39,000 in the coming weeks.
Nifty 50 Futures
The Nifty 50 December futures (21,503) is trading lower. The contract is down 0.25 per cent. Support is at 21,450-21,430. A bounce from there can take the Nifty 50 December futures contract up to 21,700 in the coming sessions.
On the other hand, a break below 21,430 can drag the contract down to 21,360 during the day.
Trade Strategy
Traders can wait for dips. Go long at 21,480 and 21,460. Keep the stop-loss at 21,410. Trail the stop-loss up to 21,495 as soon as the contract moves up to 21,515. Move the stop-loss further up to 21,540 when the contract touches 21,560. Exit the long positions at 21,580.
Supports: 21,430, 21,360
Resistances: 21,600, 21,720
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