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Nifty November Futures (7,865)
The Nifty futures contract opened the week on a mixed note. The contract is stuck inside a narrow range between 7,846 and 7,880 so far. The immediate outlook is not clear. Traders can stay out of the market at the moment.
However, on the intraday chart, the bias is bearish with key resistances at 7,885 and 7,900. A fall to 7,825 looks likely. Short-term traders with high risk appetite can make use of intraday rallies to go short at 7,880. Stop-loss can be kept at 7,910 for the target of 7,835.
Downside pressure will ease only if the contract breaks above 7,900 decisively. Such a break can take the contract higher to the next targets of 7,925 and 7,950.
Strategy : Go short on rallies at 7,880 with a stop-loss at 7,910
Supports : 7,850, 7,825
Resistances : 7,885, 7,900
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