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Nifty 50 January Futures (10,840 )
The Nifty and the Sensex opened the session on a positive note taking cues from the bullish Asian markets. The Nikkei 225 has surged 2.4 per cent to 20,038 levels and Hang Seng index has climbed 0.6 per cent to 25,793 levels. Both the Nifty and the Sensex began the session with a gap-up open and continue to trade in the positive territory. The market breadth of the Nifty index is biased towards advances. The Nifty mid and small cap indices have also advanced about 0.5 per cent.
The Nifty January futures contract started the session on a positive note opening at 10,861 with an upward gap. After marking an intra-day low at 10,825 the contract continued to trend upwards. It has recorded an intra-day high at 10,895 levels. The near-term outlook will remain bullish zone as long as the contract trades above the key support level of 10,800. Traders can make use of intra-day dips to buy the contract while maintaining a fixed stop-loss at 10,800. The contract can trend upwards and test resistance 10,875 and then at 10,900 in the near term. A strong break above 10,900 can take the contract higher to 10,925 and 10,950. Key supports below 10,800 are placed at 10,775 and 10,750.
Strategy : Make use of dips to buy with stop-loss at 10,800
Supports : 10,800 and 10,775
Resistances : 10,875 and 10,900
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