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Nifty November Futures (7,812)
After opening with a gap up at 7,858, the Nifty futures contract recorded an intra-day high at 7,865 levels. However, thereafter, the contract came under selling pressure and began to fall. It breached key supports at 7,850 and then at 7,830 levels. The contract could test another significant support at 7,800 levels.
The near-term outlook is bearish. Traders with a short-term view can sell the contract on rallies with a stop-loss at 7,835. A decisive breakthrough of support at 7,800 will intensify the selling pressure and drag the contract down to 7,775 and 7,750 levels. On the other hand, a strong upmove above 7,850 is needed to reinforce the bullish momentum and take it higher to 7,875 or 7,900 levels.
Strategy: Sell on rallies with a tight stop-loss at 7,835 levels.
Supports: 7,800 and 7,775
Resistances: 7,830 and 7,850
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