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Nifty 50 November Futures (10,875)
After taking bullish cues from the global markets, bellwether indices, the Nifty and the Sensex, began the session on a positive note with a gap-up open. Subsequently, both the indices extended the bullish momentum and continued to trend upwards.
The market breadth of the Nifty index is biased towards advances. Nifty futures index also started the session with a gap-up open at 10,786. Following an initial dip to an intra-day low of 10,777, the contract resumed its up-move and continued to trend upwards, breaking above the key resistance level of 10,800.
The contract recorded an intra-day high of 10,882. The near-term outlook is bullish for the contract. Key resistances are at 10,800 and 10,900 levels. A strong rally beyond 10,900 can take the contract northwards to 10,925 and 10,950 levels.
Traders can make use of intra-day declines to buy the contract with a fixed stop-loss at 10,840 levels. Significant supports below 10,800 are placed at 10,775 and 10,750. Next supports below 10,750 are at 10,720 and 10,700.
Strategy : Near-term outlook is bullish. Buy with a stop-loss at 10,840 levels.
Supports: 10,850 and 10,800
Resistances: 10,850 and 10,875
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