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Nifty November Futures (8,108)
The Nifty futures started on a strong note, opening at 8,132 levels, well above the key resistance level of 8,100. But, after marking an intra-day high at 8,145 levels, the contract declined to find support at around 8,095 levels. The contract is witnessing selling pressure at higher levels. Traders with a short-term view can make use of rallies to initiate fresh short position while maintaining a stop-loss at 8,125 levels.
A decisive fall below 8,100 can drag the contract down to 8,075 and then to 8,050 levels in the near term. An emphatic rally above 8,125 can take the contract higher to 8,150 levels. But to strengthen the bullish momentum, the contract needs to conclusively break the resistance level of 8150 for an upmove to 8,175 or 8,200 levels.
Strategy : Make use of rallies to initiate fresh short position with a stiff stop-loss at 8,125 levels.
Supports : 8,100 and 8,075
Resistances : 8,125 and 8,150
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