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Nifty 50 Nov Futures (10,380)
Though the Nifty 50 futures contract opened with a gap-up today, it is not gaining strength to breach 10,400. The contract tested this psychological resistance and is stuck in a narrow range between 10,375 and 10,400.
The bias is bearish on the chart. The resistance in the 10,420-10,430 region can cap the upside even if the contract manages to break above 10,400 during the day.
A fall to 10,350 and 10,330 is possible in the coming sessions. Further break below 10,330 can drag the index futures lower to 10,300 thereafter.
Short-term traders can make use of rallies to go short at 10,415. Stop-loss can be placed at 10,440 for the target of 10,360. Revise the stop-loss to 10,395 as soon as the contract moves down to 10,380.
The downside pressure will ease only if the contract breaks above 10,430 decisively. Such a break will pave way for a relief rally to 10,450 or 10,480 thereafter.
Strategy : Go short on rallies at 10,415 with a stop-loss at 10,440
Supports : 10,350, 10,330
Resistances : 10,400, 10,430
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