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Nifty 50 November Futures (10,600)
The Nifty 50 futures contract is under pressure. After falling by about one per cent on Tuesday the contract has extended its downmove today as well. It has tumbled below the key support level of 10,670. The contract made a low of 10,577 and has managed to bounce back from the lows. It is currently trading at 10,600. The near-term view is mixed.
Immediate resistance is at 10,610. A break above it can trigger a corrective rally to 10,640 and 10,655.
On the other hand, if the index futures fail to breach 10,610 and declines decisively below 10,580, a fall to 10,550 and 10,515 is possible in the coming sessions.
Traders can go short on a break below 10,580. Stop-loss can be placed at 10,605 for the target of 10,530. Revise the stop-loss lower to 10,565 as soon as the contract moves down to 10,555.
Strategy: Go short on a break below 10,580 with a stop-loss at 10,605
Supports: 10,580, 10,550
Resistances: 10,610, 10,640
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