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Nifty November Futures (7,824)
After a negative open at 7,838, the Nifty futures has failed to surpass the key immediate resistance at around 7,850. After testing this resistance level the contract began to move sideways in the range between 7,825 and 7,855. Now, hovering at the lower boundary. Traders with a short-term perspective should initiate fresh short position only on a decisive slump below 7,820 levels while maintaining a fixed stop-loss. a fall below the immediate support level of 7,820 can find support at 7,800. But, failure to hold at 7,800 and a downward breach will drag the contract down to 7,775 and 7,740 levels in the short term. On the other hand, a strong breakthrough of the key resistance at 7,850 can push the contract higher to 7,875 and then to 7,900 levels. Further rally will strengthen the bullish momentum and take the contract northwards to 7,920 and 7,950 levels.
Strategy : Fresh short position is recommended with a fixed stop-loss only on a strong fall below 7,820 levels.
Supports : 7,800, 7,775
Resistances : 7,850 and 7,875
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