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Nifty 50 November Futures (8,554) After opening with a marginal gap-down at 8,519, the Nifty futures contract declined and recorded an intra-day low at 8,505. Finding support around 8,500, the contract bounced back. It has marked an intra-day high at 8,565. However, the contract faces a key resistance at 8,580 levels. The advances/ declines ratio is biased toward advances.
An emphatic breakthrough of this resistance is needed to strengthen the bullish momentum and take the contract higher to 8,600 and 8,630 levels in the near term.
Traders with a short-term perspective should tread with caution and consider initiating fresh long positions on a decisive rally beyond 8,580 with a fixed stop-loss. The inability to move beyond 8,580 can pull the contract down to 8,550 and 8,530 levels. A strong fall below 8,530 can drag the contract down further, to test significant support at 8,500 once again.
Strategy: Fresh long positions are recommended with a fixed stop-loss only if the contract moves beyond 8,580 levels.
Supports: 8,530 and 8,500
Resistances: 8,580 and 8,600
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