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Nifty November Futures (7,990)
The near-term downtrend in the Nifty futures continues. The contract started the session at 7,985 levels and went on to record an intra-day high at 8,026 levels. But subsequent selling pressure has dragged the contract below the key support level of 8,000. Traders with a near-term view can sell the contract with a stop-loss at 8,015 levels. The contract can extend its down move to 7,960 and then to 7,940 levels. Next key supports are at 7,920 and 7,900 levels. Key resistances for the contract are at 8,025 and then at 8,050 levels. A strong rally above 8,000 can take the contract higher to 8,025 levels. To regain the bullish momentum, the contract needs to decisively rally above 8,100 levels.
Strategy : Sell it with a fixed stop-loss at 8,015
Supports : 7,960 and 7,940
Resistances : 8,025 and 8,050
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