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Nifty November Futures (8,079)
After a positive open at 8,105, the Nifty futures contract advanced to mark an intra-day high at 8,129 levels. Subsequently, the contract started moving sideways but failed to move past key a resistance level around 8,125 levels. Experiencing selling interest, the contract declined, breaching the key immediate support at 8,100 levels. The contract has given away its intra-day gains and is experiencing selling pressure.
Traders with a short-term perspective can sell the contract on rallies while maintaining a stop-loss at 8,105 levels.
The contract could continue to decline and could find support at 8,070 or 8,050 levels. Next supports below 8,050 are at 8,025 and 8,000 levels. Key resistances above 8,100 are pegged at 8,125 and 8,150 levels.
Strategy: Sell with a fixed stop-loss at 8,105
Supports: 8,070 and 8,050
Resistances: 8,100 and 8,125
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