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Nifty 50 Nov Futures (10,405) The Nifty 50 futures contract is hovering around 10,400 in a sideways range between 10,370 and 10,425. The bias is bearish and there is a strong likelihood of the contract breaking the range below 10,370 in the coming sessions. Such a break can drag the contract lower to 10,345 or even 10,300 thereafter.
Traders can go short at current levels and at rallies near 10,420. Stop-loss can be placed at 10,435 for the target of 10,355. Revise the stop-loss lower to 10,390 as soon as the contract moves down to 10,375.
The downside pressure will ease if the contract manages to break above 10,425. In such a scenario, a relief rally to 10,450 or 10,475 is possible.
Strategy: Go short with a stop-loss at 10,435
Supports: 10,370, 10,345
Resistances: 10,425, 10,450
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