Nifty 50 December Futures (23,872)

Nifty 50 is managing to sustain higher. The index is currently trading at 23,852, up 0.4 per cent. The advances/declines ratio is at 43:7. This is positive. If this sustains, the index can rise more during the day.

Nifty outlook

Nifty seems to get support near 23,650. There is some resistance at 23,900. It looks like the chances are high for the Nifty to break this resistance and rise to 24,000-24,100 in the coming sessions.

The index has to fall below 23,650 to come under pressure again.

Nifty 50 Futures

Nifty 50 December Futures (23,872) contract is up 0.42 per cent. The contract is coming closer to a key resistance level of 23,900. A break above it will be bullish to see a rise to 24,100.

Support is at 23,650. The contract has to fall below this support to become bearish again.

Trade Strategy

Traders can long on a break above 23,900. Keep the stop-loss at 23,840. Trail the stop-loss up to 23,920 as soon as the contract moves up to 23,960. Move the stop-loss further up to 23,990 when the contract touches 24,020.  Exit the longs at 24,070

Supports:23,650, 23,550

Resistance: 23,900, 24,100