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Nifty 50 Nov Futures (10,399)
The Nifty 50 futures contract is stuck inside a narrow range between 10,350 and 10,430 since Friday.
Within this range, the contract made a low of 10,360 on Tuesday and has reversed higher from there. The possibility of the contract testing 10,430 -- the upper end of the range -- remains high in the coming sessions.
Inability to break above 10,430 can trigger a pull-back move to 10,400 or 10,380. In such a scenario, the contract may continue to trade range-bound between 10,350 and 10,430 for some more time.
However, on the chart, the bias is bullish for the contract to break above 10,430 in the coming sessions. Such a break can take the index futures higher to 10,450.
Short-term traders with high risk appetite can go long at current levels. Stop-loss can be placed at 10,375 for the target of 10,445. Revise the stop-loss higher to 10,415 as soon as the contract moves up to 10,425.
Strategy : Go long with a stop-loss at 10,375
Supports : 10,370, 10,350
Resistances: 10,430, 10,450
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