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Nifty November Futures (8,326)
The November month Nifty futures contract started the session on a strong note with an upward gap at 8,234, breaching a key resistance at 8,200.
The contract also surpassed its subsequent resistance at 8,300 levels and marked an intra-day high at 8,338 levels. But, now it is witnessing profit-taking as well as selling pressure at higher levels. Therefore, traders with a short-term perspective should tread with caution with a stop-loss at 8,295 levels. A decisive fall below 8,300 can pull the contract down to 8,250 and then to 8,235 levels.
However, the bullish momentum will remain in place as long as the contract trades above 8,300 levels. It can retest the intra-day high of 8,338 and then trend higher to 8,350 levels.
Strategy : Buy in dips with stop loss at 8,295 levels.
Supports: 8,300 and 8,250
Resistances: 8,338 and 8,350
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