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Nifty 50 Jan Futures (10,755)
The Nifty 50 futures contract opened the week on a strong note. The contract opened with a wide 35-point gap-up and surged to an intraday high of 10,774.
However, the contract has lost some momentum and has come-off from this high. This pull-back move can extend to test the support level of 10,725. Further fall breaking below 10,725 is less likely. An upward reversal from this support can take the index futures higher again to 10,775 and 10,800 levels.
Short-term traders can wait for dips and go long at 10,730. Stop-loss can be placed at 10,705 for the target of 10,780. Revise the stop-loss higher to 10,745 as soon as the contract moves up to 10,755.
On the other hand, if the Nifty 50 futures contract breaks below the intraday support level of 10,725, it can extend its downmove to 10,700 or even lower levels thereafter.
Strategy: Go long on dips at 10,725 with a stop-loss at 10,705
Supports : 10,725, 10,700
Resistances : 10,775, 10,800
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