Nifty December Futures (8,140)
The falling streak in Nifty futures has come to a halt in today's session. It started with an upward gap at 8,145 levels from its previous close at 8,060, breaking through the key resistance at 8,100 levels.
With a volatile movement, the Nifty futures managed to stay above 8,100 by marking an intra-day low at 8,103 levels.
Traders with a short-term perspective can buy the contract on dips with a stop-loss at 8,100 levels. Continuation of the upmove can take the contract higher to 8,175 and then to 8,200 levels. Next significant resistance is placed at 8,230 levels.
However, a decisive fall below 8,100 can reinforce bearish momentum and pull the contract down to 8,060 and then to 8,030 levels. Traders should tread with caution on such a fall and exit the long positions.
Strategy : Make use of dips to buy the contract while maintaining a stop-loss at 8,100 levels.
Supports : 8,100 and 8,060
Resistances : 8,175 and 8,200