Nifty prediction today – January 12, 2024: Bullish. Go long now

Nifty 50 January futures (21,860)

Nifty 50 is trading higher. The index opened with a gap-up and is sustaining higher. Nifty is currently trading at 21,819, up 0.8 per cent. Support is now in the 21,730-21,680 region. The upmove is showing strength now. That leaves the chances high for the Nifty to breach 21,850. Such a break can take it up to 21,900-22,000 in the coming days.

Global indices

In Asia, Nikkei 225 (35,434) is up over a per cent. Hang Seng (16,307) and Shanghai Composite (2,886) are trading flat. Kospi (2,519) is down 0.8 per cent.

The Dow Jones Industrial Average (37,711) has risen back very well from the day’s low of 37,424. That indicates the presence of strong buyers at lower levels. It leaves the bias bullish. As such the chances are looking high for the Dow Jones to break above 37,800 and rise to 38,000 and higher in the coming days.

• Also read: Bank Nifty prediction today – Jan 12, 2024: Index might see an uptick

Nifty 50 futures

Nifty 50 January futures (21,860) is up 0.84 per cent. Intraday support will be in the 21,800-21,780 region. Resistance is at 21,880. A strong break above it can take the Nifty 50 January futures contract upto 22,000 in the coming sessions.

The contract will come under pressure for a fall to 21,700 only on a break below 21,780.

Trading strategy

Traders can go long now and accumulate on dips at 21,820. Keep the stop-loss at 21,770. Trail the stop-loss up to 21,890 as soon as the contract moves up to 21,910. Move the stop-loss further up to 21,935 when the contract touches 21,955. Exit the long positions at 21,980.

Supports: 21,780, 21,700

Resistances: 21,880, 22,000

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