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Nifty 50 November Futures (10,645)
Nifty 50 futures contract is trading on a positive note. The contract has reversed sharply higher after making an intraday low of 10,586. It is currently trading at 10,645.
An immediate resistance is at 10,660. A strong break above it can take the contract higher initially to 10,695. A further break above 10,695 will then pave way for the next target of 10,720.
Traders with high risk appetite can go long on a break above 10,660. Stop-loss can be placed at 10,645 for the target of 10,695. Revise the stop-loss higher to 10,670 as soon as the contract moves up to 10,685.
On the other hand, if the index futures fail to breach 10,660 and reverses lower, a pull-back move to 10,630 and 10,600 can be seen. Key support is at 10,580. The contract will come under pressure if it declines below this support. In such a scenario, a fall to 10,550 or even 10,500 is possible.
Strategy: Go long on a break above 10,660 with a stop-loss at 10,645
Supports: 10,630, 10,600
Resistances: 10,660, 10,695
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