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Nifty November Futures (8,032)
The Nifty futures November contract started the session with a gap down open at 8,073 levels. Following an up move to its intra-day high of 8,085 levels, the contract began to witness selling pressure and extended its decline. The contract has breached key support levels at 8,070 and 8,050 in its decline. The near-term outlook is bearish for the contract. Traders with a short-term perspective can make use of rallies to initiate fresh short position while maintaining a stop-loss at 8,055 levels. The contract can extend its decline and test supports at 8,020 and then at 8,000. Next key supports below 8,000 are at 7,975 and 7,950 levels. On the other hand, the contract has important resistances at 8,070 and then at 8,085. Both these resistance levels should be surpassed in a corrective rally to 8,100 levels. Further resistances are at 8,125 and 8,150.
Strategy : Make use of rallies to initiate fresh short position with a fixed stop-loss at 8,055 levels.
Supports : 8,020 and 8,000
Resistances : 8,050 and 8,070
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