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
Supports : 8,055, 8,035
Resistances : 8,100 , 8,120