Nifty Fut (NF) should offer strong support around 8100 zone (being the 50% retracement level) & below that 8054 may help also. Consecutive closing below 8054 zone may bring it to 7940 & 7751 area (low probability).
On the upside, it has to trade above 8148 area for the day today and has to close above 8208 zone for any meaningful reversal.
On the Global front, after yesterday's epic and some how forced Short Squeeze of Rouble following Kerry (US) chatter about lending a helping hand to Russia to avert global market meltdown, Dow Fut has made remarkable recovery & our SGX Nifty also recovered from 8036 area to now around 8100 zone.
On the domestic front, Govt. has to ensure smooth passage of key reform bills in the Parliament, keeping aside unnecessary controversy/comments from some of its MP(s).
If today's Fed Minutes don't slap any negative surprise, then we can expect for some global Santa Rally.
Trading Levels: Nifty Fut(NSE-DEC):
| Gap Up/Dw | (Indicative) | |||||
| SGX NIFTY | 8104 | -14 | ||||
| NF-DEC | LTP | 8118 | ||||
| SL (+/-) 10 POINTS | FROM SLR | |||||
| Intraday Swing | Trader | |||||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8100 | 8137-8148 | 8179-8208* | 8231-8272 | <8080 | |
| Weak < | 8080 | 8054-8021 | 8000-7945* | 7925-7900 | >8100 | |
| FOR | Conservative | Positional | Trader | |||
| T1 | T2 | T3 | SLR | |||
| Strong > | 8100 | 8148 | 8208* | 8272-8315 | <8080 | |
| Weak < | 8080 | 8021 | 7945* | 7900-7751 | >8100 |
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