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Nifty 50 November Futures (10,362)
Taking cues from the bearish Asian markets, the Nifty and Sensex started the session in negative territory. The Hang Seng index fell 208 points or 0.7 per cent 29,657 and Nikkei 225 slipped 0.24 per cent to 22,495.
The Nifty November month futures contract started the session with a gap-down open at 10,380 levels. After recording an intra-day high of 10,390, the contract continued to decline. It has breached a key support at 10,400, witnessing selling pressure and profit-taking.
After marking an intra-day low of 10,356, the contract moved sideways with a negative bias. The advance/declines ratio is biased towards declines. The near-term outlook will remain bearish as long as the contract trades below the key resistance level of 10,380 levels.
Traders with a near-term view can sell the contract in rallies with a stop-loss at 10,385 levels. The contract can decline to 10,355 and then to 10,330 levels. Further decline below 10,330 can drag the contract down to 10,300. Key resistances above 10,400 are placed at 10,425 and 10,450 levels.
Strategy: Near-term view will be negative as long as the contract trades below 10,380 levels. Go short with a fixed stop-loss at 10,385 levels.
Supports: 10,355 and 10,330
Resistances: 10,380 and 10,400
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