Nifty 50 December Futures (13,511) Taking positive cues from the Asian markets, domestic benchmark indices -Sensex and Nifty 50- began the session with a gap-up open and continues to hover in the positive territory. The Nikkei 225 has jumped 1.3 per cent to 26,817 and Hang Seng index has gained 0.75 per cent to 26,501 levels in today's session. The Sensex and Nifty 50 have climbed about 0.65 per cent so far. The market breadth of the Nifty 50 is biased towards advances. There is an increase in volatility as the India VIX has gained 3.9 per cent to 19.3 levels. Both Nifty mid and small-cap indices have climbed 0.68 per cent and 0.58 per cent respectively. The top sectoral gainers are Nifty media and Nifty realty indices that have advanced 3.5 per cent and 1 per cent respectively. The Nifty metal and PSU Bank are the two sectors hovering in the negative zone, down by 0.13 per cent and 0.8 per cent respectively.
The Nifty 50 December contract began the session on a positive note, opening at 13,457 and surpassed a key barrier at 13,500 to record an intraday high at 13,532. The near-term outlook stays positive as long as the contract trades above the key base level of 13,450. Traders can make use of intraday dips to buy the contract with a fixed stop-loss at 13,450. The contract can test resistances at 13,530 and 13,550 levels. Key supports below 13,450 are at 13,428 and 13,400 levels.
Strategy: Make use of dips to go long with a stop-loss at 13,450 levels
Supports: 13,450 and 13,428
Resistances: 13,530 and 13,550