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Nifty November Futures (8,520)
The Nifty futures contract opened the week on a strong note above the psychological 8,500 level. The contract recorded a high of 8,537.55 and has come off slightly.
However, the sentiment is positive and the contract can sustain above 8,500 during the day today. Immediate resistance is at 8,525. A strong break above this level can take the contract higher to 8,550.
Traders with a short-term perspective can go long. Stop-loss can be placed at 8,495 for the target of 8,550. Intra-day dips to 8,500 if seen can be considered for accumulating more long positions.
Supports for the contract are at 8,510, 8,500 and then at 8,485. The bullish outlook would get negated if the contract declines below 8,500. The next target will be 8,485.
Strategy : Go long with a stop-loss at 8,490
Supports : 8,500, 8,485
Resistances: 8,525, 8,550
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