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Nifty 50 December Futures (10,152) The rebound in Asian markets has helped the domestic equity markets start in positive territory. The Nikkei 225 gained 1.5 per cent to 22,498 levels and the Hang Seng index advanced 0.3 per cent to 28,298 levels.
Both the Nifty and the Sensex began the session in the green and extended their rally. The Nifty futures contract started the session with a gap-up open at 10,080 levels and continued to trend upwards. The contract subsequently breached key immediate resistances at 10,100 as well as 10,130 and continued its upmove to record an intra-day high of 10,164.
The market breadth of the Nifty index is biased towards advances. The near-term bullish momentum will be intact as long as the contract trades above the key immediate support level of 10,130. Traders with a short-term view can buy the contract on dips with a fixed stop-loss at 10,125 levels. The contract can test resistance at 10,165 and 10,175 levels.
A strong rally beyond 10,175 can push the contract northwards to 10,200 levels. On the other hand, a decisive tumble below the significant support level of 10,100 can bring back selling pressure and drag the contract down to 10,080 and then to 10,060 or 10,050 levels in the near term.
Strategy: Make use of dips to go long with a fixed stop-loss at 10,125 levels
Supports: 10,130 and 10,100
Resistances: 10,175 and 10,200
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