Nifty 50 December futures (24,731)

Nifty 50 is attempting to bounce. The index is trading at 24,647, marginally up by 0.1 per cent. The advances/declines ratio is at 26:24. This could tilt either way during the day. So we may have to wait and watch if the Nifty is gaining strength and rising from here or is going to fall back again.

Nifty 50 outlook

Nifty has support in the 24,600-24,500 region which is holding well now. The index is managing to sustain well above 24,600 itself. The bias is bullish to see a rise to 24,800 first. An eventual break above 24,800 can then take the index up to 25,000.

The chances of a fall below 24,600 towards 24,500 is not very clear as of now. From a big picture, Nifty will come under pressure only if it declines below 24,500. But that looks less likely as of now.

• Also read: Stocks that will see action today: December 10, 2024

Nifty 50 futures

The Nifty 50 December futures (24,731) is up 0.15 per cent. The contract is getting good support around 24,650. The region between 24,650 and 24,600 is a strong support. As long as the contract trades above 24,600, the bias will remain positive.

Immediate resistance is at 24,800. The chances are high for the contract to break this resistance. Such a break can take the Nifty 50 December futures contract up to 25,000 in the coming sessions.

Trading strategy

Yesterday we had suggested to take a positional trade. Hold on to the long positions taken at 24,680. Accumulate on dips at 24,630. Follow the same strategy.

Retain the stop-loss at 24,480. Trail the stop-loss up to 24,720 as soon as the contract goes upto 24,830. Move the stop-loss further up to 24,860 when the contract touches 24,920. Exit the long positions at 24,970.

Supports: 24,600, 24,500

Resistances: 24,800, 25,000