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Nifty 50 November Futures (10,602)
Nifty 50 futures contract has been oscillating around 10,600 since Friday. The contract has been range-bound between 10,580 and 10,650. A breakout on either side of 10,580 or 10,650 will determine the direction of the next move.
A break below 10,580 will trigger a down-move initially to 10,560. A further break below 10,560 will then increase the likelihood of the contract extending its down-move to 10,535 or even 10,500 thereafter.
Traders with high-risk appetite can go short on a break below 10,580. Stop-loss can be placed at 10,605 for a target of 10,545. Revise the stop-loss lower to 10,565 as soon as the contract moves down to 10,555.
On the other hand, if the index futures manage to sustain above 10,580, an up-move to 10,650 is likely in the coming sessions. A strong break above 10,650 will boost the momentum and will pave the way for the next target of 10,700.
Strategy : Go short on a break below 10,580, with a stop-loss at 10,605
Supports: 10,580, 10,560
Resistances : 10,650, 10,700
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