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Nifty 50 November Futures (10,365)
Nifty 50 futures contract seems to be lacking momentum. After surging 1.6 per cent on Wednesday, the contract opened with a wide 42-point gap-up today. However, it failed to sustain higher and has come-off sharply from the day's high of 10,440.15. The contract has declined below the psychological support level of 10,400 and is currently trading at 10,365.
A key intraday support is at 10,340. Whether the contract manages to reverse higher from the support or not will decide the next move. If the contract bounces from this support and rise past 10,400, the downside pressure will ease. In such a scenario, an upmove to 10,450 and 10,500 is possible in the coming sessions.
On the other hand, if the index futures breaks below 10,340, it can fall to 10,290. High risk appetite traders can go short on a break below 10,340 with a tight stop-loss at 10,355 for the target of 10,310. Revise the stop-loss lower to 10,335 as soon as the contract moves down to 10,325.
Strategy: Go short if the contract breaks below 10,340 with a stop-loss at 10,355
Supports: 10,340, 10,290
Resistances: 10,400, 10,450
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