Technical Analysis

Nifty call: Go long above 10,675 with stop-loss at 10,665

Yoganand D | Updated on December 14, 2018 Published on December 07, 2018

Nifty 50 December futures (10,662)

Amid volatile global markets, the Nifty and the Sensex began the session on a positive note. Both the indices continue to trade in the green, gaining about 0.5 per cent. In the Asian markets, the Nikkei 225 index has advanced 0.8 per cent to 21,678 levels, while the Hang Seng index marginally trades in negative territory at 26,146 levels.

The market breadth of the Nifty index is marginally biased towards advances. The volatility index, India VIX has slumped 1.7 per cent to 18.97 levels.

The Nifty December futures contract began the session with a gap-up open at 10,665 levels. After recording an intra-day high at 10,684, the contract marked an intra-day low at 10,641 levels. The contract is range-bound with a positive bias.

A strong rally above the key resistance level of 10,675 can strengthen the bullish momentum and take the contract higher to 10,700. A decisive break above 10,700 can push the contract upwards to 10,725 and 10,750 levels in the near term.

On the other hand, a key support is placed a 10,625 and a strong fall below this level can drag the contract down to 10,600 levels. Next supports are at 10,580 and 10,550 levels.

Strategy: Go long above 10,675 with a stop-loss at 10,665

Supports: 10,625 and 10,600

Resistances: 10,675 and 10,700

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