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Nifty November Futures (7,795)
After a gap-down opening, the Nifty futures contract recorded an intraday low of 7,725.75. It moved up sharply, thereafter. But the contract faces strong resistance at 7,800 and 7,820. It is likely to test these resistances today.
The contract will rally further only if it manages to surpass the second resistance at 7,820 decisively.
But if the contract fails to move past 7,820 and reverses lower, it can fall to 7,750 and 7,720 once again. Given the overall downtrend, reversal from 7,820 looks likely.
Traders with a short-term perspective can wait for a rally and go short if the contract reverses lower from 7,820. Stop-loss can be kept at 7,855 for the target of 7,765.
Strategy : Go short on a reversal from 7,820 with a stop-loss at 7,855
Supports: 7,750, 7,720
Resistances : 7,800, 7,820
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