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Nifty November Futures (8,380)
The Nifty futures contract has been witnessing selling pressure over the past couple of trading sessions. It opened at 8,420 and found difficulty in holding above the support level of 8,400 levels. The contract breached this support and registered an intra-day low at 8,376 levels. The near-term outlook is bearish for the contract. Traders with a short-term perspective can initiate short position on rallies with a stop-loss at 8,400 levels. The targets are 8,360 and 8,340 levels. A fall below 8,340 can drag the contract down to 8,300 levels.
On the other hand, the contract needs to decisively rally above 8,420 level for an up move 8,440 level. Next resistance is at 8,470 levels.
Strategy: Initiate short position on rallies with a stop-loss at 8,400 levels.
Supports : 8,360 and 8,340
Resistances : 8,400 and 8,420
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