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Nifty 50 Jan Futures (10,625)
The Nifty 50 futures contract has begun the week on a strong note. The contract opened with a wide 50-point gap up at 10,623 and made a high of 10,634. It is currently hovering around the day's high. The outlook is bullish. The index can rise to 10,640 or 10,650. A strong break above 10,650 can the contract further higher to 10,690.
Short-term traders can make use of dips to go long at 10,615. Stop-loss can be placed at 10,595 for the target of 10,650. Revise the stop-loss higher to 10,625 as soon as the contract moves up 10,635.
Key intraday support is at 10,600. The outlook will turn bearish only if the index futures declines below this support. Such a break can drag the contract lower to 10,580 and 10,565.
Strategy: Go long on dips at 10,615 with a stop-loss at 10,595
S upports: 10,600, 10,580
Resistances: 10,650, 10,690
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