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Nifty 50 November Futures (8,198)
The Nifty 50 futures contract remains volatile and continues to trade under pressure. It opened with a gap-down for the second consecutive day and fell to record a low of 8,144 after which the fall has halted. The contract has bounced from this low and is currently consolidating sideways between 8,140 and 8,230. A breakout on either side of 8,140 or 8,230 will decide the next move. Traders can stay out of the market at the moment.
A strong break above 8,230 may ease the downside pressure and take the contract higher to 8,280 initially. Further break above 8,280 will increase the likelihood of the contract targeting 8,300 and 8,335.
On the other hand, if the contract declines below 8,140 it can fall to 8,100 and 8,080 once again.
Strategy : Stay out of the market
Supports : 8,140, 8,100
Resistances : 8,230, 8,280
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