Nifty 50 January Futures (7,948)
The January Nifty futures contract started the session on a negative note at 7,942 levels.
After an initial decline, the contract marked an intra-day low at 7,922 and bounced up. It is vacillating between positive and negative territory forming an intra-day high at 7,963 levels.
Traders can initiate fresh long position on a strong rally above 7,960 levels with a stop-loss at 7,945. The contract can extend its rally to 7,980 and then to 8,000 levels in the near term.
Having side that, a fall below the immediate support level of 7,930 can drag the contract down to 7,915 or 7,900. An emphatic fall below 7,900 will bring on strong selling pressure and drag the contract further down to 7,870 and 7,850 levels.
Strategy: Initiate fresh longs on a rally above 7,960 with a stop-loss at 7,945
Supports: 7,930 and 7,900
Resistances: 7,960 and 7,980