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Nifty 50 May Futures (10,671)
The Nifty 50 futures contract remains under pressure. The contract extended its fall today after breaking the crucial support level of 10,700 on Thursday. The contract made a low of 10,645 and has bounced from there.
The outlook is bearish and so the current bounce-back move could be short-lived. Strong resistances are at 10,685 and 10,705 which are likely to cap the upside. Intermediate bounce to these levels may find fresh sellers coming into the market.
A fall to 10,630 is likely. A break below 10,630 will increase the possibility of the contract tumbling towards 10,570.
Traders can go short at current levels and also at 10,680. Stop-loss can be placed at 10,690 for the target of 10,630. Revise the stop-loss lower to 10,655 as soon as the contract moves down to 10,645.
Strategy : Go short with a stop-loss at 10,690
Supports : 10,630, 10,570
Resistances : 10,685, 10,705
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