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Nifty 50 Nov Futures (10,368)
The Nifty 50 futures contract opened with a gap-up today at 10,348.8 and surged to a high of 10,389. However, the contract has come-off slightly from the day's high. Immediate support is at 10,360 and the next support is in the 10,350-10,345 region. Though these supports can be tested during the day, a break below 10,345 is less likely. A bounce back once again from either of these supports can boost the momentum and take the contract higher to 10,380 and 10,400.
Traders can buy on dips at 10,360. Stop-loss can be placed at 10,340 for the target of 10,400. Revise the stop-loss higher to 10,370 as soon as the contract moves up to 10,380.
The outlook will turn negative only if the index futures breaks below 10,345. Such a break can take the contract lower to 10,330 initially. Further break below 10,330 can drag it to 10,290 thereafter.
Strategy : Go long on dips at 10,360 with a stop-loss at 10,340
Supports : 10,360, 10,345
Resistances : 10,380, 10,400
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