Nifty November Futures (8,440)
The Nifty futures contract opened the day with a gap-up at 8,465.45. It recorded a high of 8,469.9 and reversed lower to record a low of 8,431.25. The contract is currently moving higher from this low now. Key intraday support is at 8,420. There is no danger for the contract as long as it trades above this level.
A rise to test the resistance at 8,460 looks likely now. A strong break above this level will add momentum to take the contract to 8,500 there after.
Traders with a short-term perspective can go long with a stop-loss at 8,415 for the target of 8,485.
The bullish outlook will get negated if the contract declines below 8,420. Such a fall can drag the Nifty futures lower to 8,400 and 8,370.
Strategy : Go long with a stop-loss at 8,415
Supports : 8,420, 8,400
Resistances : 8,460, 8,500