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Nifty 50 November Futures (8,687)
The Nifty November futures contract started the session on a positive note at 8,639. It recorded an intra-day low at 8,633 and found support at this level before commencing a strong rally. The contract decisively breached its immediate resistance at 8,650 and extended its upmove.
However, the contract encountered resistance around 8,700 and witnessed a corrective fall. The near-term outlook though is positive for the contract. Traders with a short-term perspective can make use of the corrective decline to initiate fresh long positions with a stop-loss at 8,650 levels.
The contract can retest the immediate resistance at 8,700 levels in the near term. An emphatic breakthrough of this resistance will strengthen the bullish momentum and take the contract higher to 8,730 and then to 8,750 levels.
On the other hand, a decisive fall below the immediate support at 8,650 will bring back selling pressure and pull the contract down to 8,630 and then to 8,600 levels.
Strategy: Make use of corrective declines to buy the contract with a fixed stop-loss at 8,650 levels.
Supports: 8,650 and 8,630
Resistances: 8,700 and 8,730
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