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Nifty 50 Nov Futures (10,358)
The Nifty 50 futures contract failed to break above 10,400 despite several attempts made on Monday. This indicates lack of fresh buyers in the market to take the index futures above the psychological level of 10,400.
The contract has come-off sharply to test the 10,350-10,345 support zone and is managing to sustain above it at the moment. However, the bias is bearish with a key intraday resistance in the 10,380-10,385 zone. Intermediate bounce to this resistance zone may trigger fresh selling interest.
There is a strong likelihood of the contract breaking below 10,345 and falling to 10,300 or 10,280 in the coming sessions.
Short-term traders can make use of rallies to go short at 10,370. Stop-loss can be placed at 10,405 for the target of 10,320. Accumulate shorts at 10,380.
The contract will gain fresh momentum only if it breaks above 10,400 decisively. The ensuing target on such a break is 10,445.
Strategy : Go short on rallies at 10,370
Supports : 10,345, 10,300
Resistances: 10,385, 10,400
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