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Nifty 50 November Futures (10,711)
The Nifty 50 futures contract continues to lack momentum to rally decisively above 10,700. Though the contract opened with a wide 48-point gap-up, it failed to sustain higher. The index futures made a high of 10,745 and has come-off sharply from there. It is currently hovering above the psychological level of 10,700. Inability to sustain above 10,700 and a subsequent fall below it can take the contract initially lower to 10,670. A further break below 10,670 will then increase the likelihood of the contract extending its downmove to 10,640.
On the other hand, if the contract continues to trade above 10,700 and breaches 10,720 decisively, it can move up to 10,750. A break above 10,750 will then target 10,780 or even higher levels in the coming sessions.
Traders with high risk appetite can go long on a break above 10,720. Stop-loss can be placed at 10,695 for the target of 10,775. Revise the stop-loss higher to 10,735 as soon as the contract moves up to 10,750.
Strategy: Go long on a break above 10,720 with a stop-loss at 10,695
Supports: 10,700, 10,670
Resistances: 10,750, 10,780
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