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Nifty 50 November Futures (10,265)
After rallying over 2 per cent on Monday, the Nifty 50 futures contract seems to be losing momentum. The resistance near 10,320 is holding well as of now and has halted the upmove. The contract made a high of 10,315 and has come-off from there.
The index futures can remain range-bound between 10,200 and 10,320 for some time. Within this range, there is a strong likelihood of the contract falling to 10,215 and 10,200 in the coming sessions.
Short-term traders with high risk appetite can go short at current levels. Stop-loss can be placed at 10,295 for the target of 10,215. Revise the stop-loss lower to 10,250 as soon as the contract moves down to 10,235.
A breakout on either side of 10,200 or 10,320 will then determine the next move. A strong break below 10,200 will drag the Nifty 50 futures contract lower to 10,175 and 10,150. On the other hand, if the contract breaks above 10,320 decisively, it can gain fresh momentum. Such a break will then increase the likelihood of the contract rallying to 10,375 and 10,420.
Strategy: Go short with a stop-loss at 10,295
Supports: 10,245, 10,215
Resistances: 10,320, 10,375
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