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Nifty 50 November Futures (10,535)
The Nifty 50 futures contract is stuck in a narrow range. The contract hit an intra-day high of 10,570 and fell to a low of 10,505. Though it has reversed higher from the day's low, the bounce-back seems to lack strength. Whether the contract manages to sustain above 10,500 or not will decide the direction of the next move.
As long as the contract trades above 10,500, an up-move to 10,575 and 10,600 is possible in the coming sessions. On the other hand, if the index futures break below 10,500, it can fall to 10,465 or 10,450.
Traders with a high-risk appetite can go short on a break below 10,500. Stop-loss can be placed at 10,515 for the target of 10,465. Revise the stop-loss lower to 10,490 as soon as the contract moves down to 10,475.
Strategy : Go short on a break below 10,500 with a stop-loss at 10,515
Supports: 10,500, 10,465
Resistances : 10,575, 10,600
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