Nifty Prediction Today – December 11, 2023: Stay out of the market

Posted on by

Nifty 50 December Futures (21,084)

Nifty 50 is retaining its momentum. The index has opened the week on a positive note. It is currently trading at 21,000, up 0.14 per cent.

Outlook is bullish. Immediate support is around 20,850. Failure to get a strong follow-through rise above 21,000 can take the index down to test this support during the day.

Global indices

Asian markets are trading mixed. Nikkei 225 (32,799) is up 1.5 per cent, Kospi (2,517) is flat. Hang Seng (16,000) and Shanghai Composite (2,953) are down 2 and 0.6 per cent respectively.

In the US, the Dow Jones Industrial Average (36,247) had risen 0.36 per cent on Friday. The index has an important resistance in the 36,250-36,300 region. Failure to rise past 36,300 can keep in in the range of 36,000-36,300 for some more time. It is a wait and watch situation.

Nifty 50 Futures

The Nifty 50 December Futures (21,084) is trading flat. Intraday support is around 20,950. A break below it can take the contract down to 20,800-20,750.

The bias is positive. So, we can expect the contract to sustain above 20,950 itself. Intermediate resistance is at 21,140. A break above it can take the contract up to 21,200 and higher.

Trade strategy

Considering the risk-reward ratio, we suggest traders to stay out of the market today. Wait for a breakout. Trades can then be taken accordingly.

Supports: 21,000, 20,950

Resistances: 21,140, 21,200