Nifty 50 November Futures (10,361) The Nifty futures contract started the session on a positive note with a gap-up open at 10,383, taking cues from the positive global markets.

The Dow Jones rose 0.7 per cent to close at 23,590 and the S&P 500 advanced 0.65 per cent to end at 2,599 levels in the last session. The Asian markets also advanced in today's session. The Nikkei 225 increased by 0.5 per cent to trade at 22,523 and the Hang Seng index climbed 0.8 per cent to 30,065 levels.

After a positive open, the Nifty futures contract witnessed selling pressure and fell marginally to record an intra-day low of 10,321 levels.

However, the contract started trending upwards once again, experiencing buying interest. However, the contract faces difficulty in sustaining the bullish momentum. It recorded an intra-day high of 10,388 and experiences choppy movement.

The advances/ declines ratio of the Nifty index is biased towards declines. Traders with a short-term perspective should tread with caution in today's sessions as the contract is witnessing volatile movement. A strong rally beyond 10,380 can take the contract higher to 10,400 levels.

On the other hand, immediate supports are placed at 10,350 and 10,320 levels. A slump below the second support can pull the contract down to 10,300 and then to 10,275 levels in the near term. Traders with a high risk appetite can go short if the contract declines below 10,320 levels with a fixed stop-loss.

Strategy: Tread with caution as the contract witnesses a volatile movement.

Supports: 10,350 and 10,320

Resistances: 10,380 and 10,400

Related Topics
comment COMMENT NOW