Comments
Nifty 50 November Futures (8,180)
In spite of making a gap-up opening, the Nifty 50 futures contract failed to sustain higher. It opened at 8,205 but fell sharply from the high of 8,225 to make an intraday low of 8,125. However, the contract has managed to reverse higher once again from the day's low. A range bound move between 8,120 and 8,230 looks likely for some time. A breakout on either side of this range will then decide the next leg of move for it. Traders can stay out of the market and wait for the range breakout to get a clear trade signal.
A strong break above 8,230 can take the contract higher to 8,280 and downside pressure will ease. If the contract manages to break further above 8,280, the up-move can extend to 8,300 and 8,335 as well there after.
On the other hand, if the contract declines below 8,120 it can fall 8,080.
Strategy : Stay out of the market
Supports : 8,120, 8,080
Resistances : 8,230, 8,280
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.