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Nifty 50 December Futures (18,710)
Sensex and Nifty 50 have risen back sharply from their day’s low and are in green for the day so far. Both the indices are up about 0.27 per cent each. Sensex is trading at 62,580 and Nifty 18,608. It will have to be seen if the indices can sustain this level . Nifty has an intraday resistance at 18,620. A strong break above it will be needed for the Nifty to rise further up to 18,670 and 18,720 in the coming sessions. Inability to breach 18,620 decisively can drag it down to 18,500 again.
Global cues
Asian markets are trading mixed. Nikkei 225 (27,561) and Kospi (2,364) are down 0.44 and 0.72 per cent. Shanghai Composite (3,204) and Hang Seng (19,341) are up 0.14 and 2.80 per cent respectively.
In the US, the Dow Jones Industrial Average (33,597) has closed on a flat note yesterday. It is managing to hold above 33,500. In case if the index declines below 33,500 decisively, a steeper fall to 33,200 and 33,000 is possible before the overall uptrend resumes.
Nifty 50 Futures
The Nifty 50 December Futures (18,710) is up 0.23 per cent. It has to sustain above 18,700 in order to move further up towards 18,770 and 18,800 during the day. A fall below 18,690 will reduce the chances of a rise and drag the contract down to 18,650 and lower again.
Trading Strategy
Go long only on a break above 18,720. Keep the stop-loss at 18,685. Trail the stop-loss up to 18,745 when the contract touches 18,760. Move the stop-loss further up to 18,765 when the contract rises to 18,780. Book profits at 18,790.
Supports: 18,690, 18,650
Resistances: 18,770, 18,800
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