Nifty 50 December Futures (8,078)
The Nifty 50 futures contract is gaining strength ahead of year-end. The contract is getting strong support near 8,050 and the outlook is positive. A rise to 8,100 and 8,120 is likely now. The level of 8,120 is the significant resistance. If the contract manages to rise past this hurdle, the upmove can extend to 8,150 and 8,165. On the other hand, if the contract reverses lower from 8,120 a corrective fall to 8,160 or 8,150 is possible.
Traders can go long at current levels with a stop-loss at 8,055 for the target of 8,110
Strategy : Go long with a stop-loss at 8,055
Supports : 8,055, 8,035
Resistances : 8,100 , 8,120
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.