Nifty 50 December Futures (7,768)
The Nifty 50 futures contract is trading on a positive note. The contract opened with a huge gap up at 7,740 and surged to a high of 7,778.
It is currently hovering around the day’s high. Immediate support is at 7,750. There is no immediate danger of any reversal as long as it trades above this support level. A rise to test the next resistance at 7,815 looks likely. Further break above 7,815 can take the contract to the next target of 7,850.
Traders can go long. Stop-loss can be kept at 7,745 for the target of 7,810.
The contract will come under pressure if it declines below 7,750. The next target will be 7,710.
Strategy: Go long with a stop-loss at 7,745
Supports: 7,750, 7,710
Resistances: 7,815, 7,850
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