Nifty 50 Nov Futures (10,352)
The Nifty 50 futures contract is stuck in a narrow range between 10,347 and 10,384 today. Immediate outlook is not clear. A breakout on either side of 10,347 or 10,384 will determine the next move. If the contract breaks below 10,347 it can fall to 10,300. A break below 10,300 can take it further lower to 10,280. Traders can stay out of the market at the moment.
On the other hand, if the index futures manage to break above 10,384 decisively, it can gain fresh momentum. The psychological level of 10,400 can be tested initially. Further break above 10,400 will increase the likelihood of the contract targeting 10,450 or even 10,500 thereafter.
Short-term traders with high risk appetite can go long on a break above 10,384. Stop-loss can be placed at 10,370 for the target of 10,415. Revise the stop-loss higher to 10,390 as soon as the contract moves up to 10,400.
Strategy : Go long on a break above 10,384 with a stop-loss at 10,370
Supports : 10,347, 10,300
Resistances : 10,384, 10,400
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