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Nifty 50 Nov Futures (10,305)
The Nifty 50 futures contract is not witnessing fresh selling pressure to drag it decisively below 10,300.
The contract has a strong support in the 10,290-10,275 region. As long as it sustains above this support zone, a rise to 10,350-10,360 looks likely. Further break above 10,360 will increase the likelihood of the upmove extending to 10,380 or even higher.
Short-term traders with high risk appetite can go long at current levels. Stop-loss can be placed at 10,285 for the target of 10,345. Revise the stop-loss higher to 10,310 as soon as the contract moves up to 10,320.
The outlook will turn negative if the index futures declines below 10,275 decisively. In such a scenario, the contract can fall to 10,265 or even 10,230.
Strategy: Go long with a stop-loss at 10,285
Supports: 10,290, 10,275
Resistances : 10,360, 10,380
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