Nifty December Futures (8,247)

The Nifty futures contract started the session on a positive note at 8,261, slightly higher than its last week's close at 8,239. It has been moving sideways in a narrow range between 8,237 and 8,267 indicating neutral stance. The contract has immediate resistance at 8,280. A decisive rally above this level will strengthen the bullish momentum and take the contract to 8,300. Further rally can take the contract higher to 8,325 and 8,350 in the near term. Fresh long position can be initiated above 8,280 levels with a stop-loss at 8,270.

However, a conclusive fall below the key support at 8,226 can increase the selling pressure and pull the contract down to 8,200 and 8,170.

Strategy : Go long above 8,280

Supports : 8,226 and 8,200

Resistances : 8,280 and 8,300

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