Nifty November Futures (8,476) The Nifty futures contract opened on a flat note at 8,420. After marking an intra-day low at 8,412 levels, the contract broke through key resistances at 8,420 and 8,460 levels.

The strong gains in the Bank Nifty and CNX PSU Bank indices of 2.4 per cent and 2.3 per cent respectively has pushed the benchmark indices Nifty and Sensex to new highs.

After recording an intra-day high at 8499.8, the Nifty futures contract is experiencing profit-taking and selling pressure. Therefore, traders with a short-term perspective should tread with caution.

As long as the contract trades above 8,460, the bullish momentum stays intact. Traders can buy the contract with a stop-loss at 8,455. The contract can retest 8,499 levels. A decisive break through this resistance can take the contract higher to 8,525 and then to 8,547 levels.

Conversely, a strong fall below 8,460 can increase the selling pressure and pull the contract down to 8,420 and 8,400. Next supports are at 8,370 and 8,350.

Strategy: Buy on declines with a stop-loss at 8,455

Supports: 8460 and 8420

Resistances: 8500 and 8525