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Nifty November Futures (8,460)
The Nifty futures contract is continuing to experience pressure. After opening at 8,460 it recorded a high of 8,474.9. But it failed to sustain higher and fell to record an intraday low of 8,443.9. Strong intraday resistance is at 8,485. The contract is expected to remain under pressure as long as it trades below this level. Having said this, there is more room left for the Nifty futures to fall in the coming sessions. It can target 8,400 on the downside.
Traders with a short-term perspective can go short at current levels. Stop-loss can be kept at 8,495 for the target of 8,415.
Intermediate support for the contract is at 8,425. The downside pressure will ease if the contract breaks above 8,485. The next target will be 8,500.
Strategy : Go short with a stop-loss at 8,495
Supports : 8,425, 8,400
Resistances : 8,485, 8,500
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