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Nifty 50 November Futures (10,446)
The Nifty November futures contract started the session on a negative note at 10,459.
Asian markets were trading mixed; the Nikkei 225 advanced 0.5 per cent to 22,539 levels, while Hang Seng index hovered at 28,599.
The Nifty futures contract marked an intra-day high of 10,472 and started to decline. It has registered an intraday low of 10,433 and remains volatile. The underlying Nifty index is also volatile. The market breadth of this index is biased towards declines.
Traders with a near-term perspective should tread with caution as long as the contract moves sideways in the band between 10,430 and 10,470. A strong slump below 10,430 will bring forth the selling pressure and drag the contract down to 10,400 and 10,370 levels.
In that case, traders can go short with a fixed stop-loss at 10,440. On the other hand, an emphatic break above 10,470 is needed to strengthen the bullish momentum and take the contract higher to 10,480 and 10,500 levels.
Strategy: Fresh short positions are recommended only on a strong decline below 10,430 with a fixed stop-loss at 10,440.
Supports: 10,430 and 10,400
Resistances : 10,470 and 10,480
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