Nifty November Futures (8,402)
The Nifty futures contract is trading on a positive note today. It opened at 8,388 and fell to a low of 8,368.25 initially. However, it has reversed higher from this low. The contract is gaining momentum.
The Nifty futures contract has been consolidating in a broad sideways range of 8,325 and 8,450 for more than a week. The intra-day outlook is bullish within this range. Immediate support is at 8,385. A rise to 8,435 and 8,450 looks likely today.
Traders can go long with a stop-loss at 8,380 for the target of 8,435.
Intermediate resistance is at 8,435. A break above this level can take it higher to 8,450.
The intra-day bullish outlook will be negated if the contract declines below 8,380. In such a scenario, the contract can revisit 8,350 levels.
Strategy : Go long with a stop-loss at 8,380
Supports : 8,385, 8,350
Resistances : 8,435, 8,450