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Nifty 50 August futures (11,325)
The Nifty 50 futures contract is facing strong resistance at 11,400. The contract has failed to breach this hurdle after making a few attempts on Wednesday, and has come-off sharply from those levels. The index future fell to a low of 11,294 and has bounced up slightly from there.
The near-term outlook is unclear. Immediate resistance is at 11,335. If the contract manages to break above it, downside pressure may ease. Such a break can take the Nifty 50 futures contract higher to 11,370 or even 11,400 levels again.
On the other hand, if the contract fails to break above 11,335, there is a strong likelihood of it declining below the key support level of 11,290. A break below 11,290 can drag the index futures lower to 11,265 or even 11,245.
Traders can go short on a break below 11,290. Stop-loss can be placed at 11,310 for the target of 11,250. Revise the stop-loss lower to 11,275 as soon as the contract moves down to 11,265
Strategy: Go short on a break below 11,290 with a stop-loss at 11,310
Su pports: 11,290, 11,265
Resistances: 11,330, 11,370
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