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Nifty 50 November Futures (10,620)
Nifty 50 futures contract is trading on a mixed note. The contract opened with a gap-down at 10,601 and fell to a low of 10,571. However, it has reversed higher from the day's low and is currently trading at 10,620.
Immediate support is at 10,605 which may limit the downside. As long as the contract trades above this support, the near-term view will remain positive. An upmove to 10,685 is likely. A strong break above 10,685 will then increase the likelihood of the contract extending its upmove to 10,730 or even higher levels.
Short-term traders with high risk appetite can go long at current levels and also accumulate at 10,610. Stop-loss can be placed at 10,590 for the target of 10,670. Revise the stop-loss higher to 10,635 as soon as the contract moves up to 10,650.
The bullish outlook will get negated if the index futures decline below 10,605. In such a scenario, a fall to 10,570 or 10,560 is possible. A break below 10,560 will increase the downside pressure and will drag the contract further lower to 10,545 or even 10,520 thereafter.
Strategy: Go long with a stop-loss at 10,590
Supports: 10,605, 10,570
Resistances: 10,685, 10,730
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