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Nifty 50 Nov Futures (10,455)
The Nifty 50 futures contract continues to lack the momentum to break past 10,500. After failing to sustain its upmove above 10,500 on Monday, the contract has come down again after making a high of 10,515 today.
Though the support at 10,220 is holding well as of now, the bias on the chart is turning bearish. Cluster of resistances are poised between 10,460 and 10,480 which is likely to limit the upside.
An eventual break below 10,420 will increase the likelihood of the contract falling below 10,400 and target 10,370 and 10,345.
Short-term traders with high risk appetite can go short at current levels. Accumulate shorts on rallies at 10,475. Stop-loss can be placed at 10,485 for the target of 10,405. Revise the stop-loss lower to 10,445 as soon as the contract moves down to 10,430.
The downside pressure will ease if the contract manages to breach 10,485 during the day. In such a scenario, the index futures can test 10,500 and 10,530 levels again.
Strategy : Go short with a stop-loss at 10,485
Supports : 10,420, 10,370
Resistances: 10,485, 10,500
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