Nifty 50 December Futures (24,595)

Nifty 50 is trading strong. The index is currently trading at 24,540, up 0.34 per cent. The advances/declines ratio is at 31:19. This is very positive.

Nifty 50 outlook

The strong break above 24,400 and a subsequent rise past 24,500 is positive for the Nifty. The outlook is bullish. Intraday support will be in the 24,500-24,450 region. Nifty can rise to 24,650-24,680 in the coming sessions.

A fall below 24,400 is now needed to bring the index under pressure. If that happens, we can see a fall to 24,350-24,300 again. But such a fall looks less likely as fresh buyers can come into the market at lower levels.

Nifty 50 Futures

The Nifty 50 December Futures (24,595) is up 0.2 per cent. Supports are at 24,500 and 24,400. The outlook is bullish. A rise to 24,700 looks likely now. The region between 24,700 and 24,750 can be an intermediate resistance.

From big picture, as long as the Nifty 50 December Futures contract stays above 24,400, the outlook is bullish to see 25,000 in a week or two.

Trade Strategy

Wait for dips and go long at 24,570 and 24,520. Keep the stop-loss at 24,480. Trail the stop-loss up to 24,590 as soon as the contract goes up to 24,630. Move the stop-loss further up to 24,640 when the contract touches 24,660. Exit the long positions at 24,700.

Supports: 24,500, 24,400

Resistances: 24,700, 24,750

Related Topics