Nifty November Futures (8364)
The Nifty futures contract started the truncated week with an upward gap to open at 8,374. Subsequently, the contract recorded an intra-day high at 8,388 level and began to witness selling pressure and profit taking. It then started falling and has closed the gap now. Fresh short position can be initiated with a tight stop-loss if Nifty futures declines below 8,345 with a stop-loss at 8,350 levels. The contract can decline and test supports at 8,320 and 8,300 levels. Inability to fall below 8,345 will keep the contract in the band between 8,345 and 8,380 level. A strong move above 8,380 can take the contract higher to 8,400 levels.
Strategy : Go short below 8,345
Supports : 8,345 and 8,320
Resistances : 8,380 and 8,400
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