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Nifty 50 December Futures (7,915)
The Nifty futures contract has been range-bound between 7,890 and 7,940 since Tuesday. The contract tested the lower end of this range in early trades today and is bouncing back. This sideways range could well remain intact today, with muted trading action, as the market gets ready for the year-end holiday. Traders with a short-term perspective can play the range. Wait for dips and go long near 7,905 with a stop-loss at 7,880 for the target of 7,935.
A break-out on either side of 7,890-7,940 will decide the next leg of the move for the contract. A break above 7,940 can take the contract higher to 7,960 and 7,980. On the other hand, a fall below 7,890 can drag it to 7,870 and 7,850
Strategy: Go long on dips to 7,905 with stop-loss at 7,880
Supports: 7,890, 7,870
Resistances: 7,940, 7,960
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