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Nifty 50 November Futures (8,145)
The Nifty 50 reversed sharply higher after a brief break below the key support at 8,100. The contract made a low of 8,040 and has now risen above 8,100. Immediate resistance is at 8,160. A strong break above it can take the index futures higher to 8,200 or even 8,225. Short-term traders can go long on a break above 8,160. Stop-loss can be placed at 8,140 for the target of 8,200. If the contract manages to break above 8,225 decisively, the downside pressure may ease and a relief rally can be seen over the next few trading days.
On the other hand, inability to break above 8,160 and a reversal from there can drag the contract lower to 8,130 and 8,100 once again. Further break below 8,100 may drag it to 8,075 and 8,050.
Strategy : Go long on a break above 8,160 with a stop-loss at 8,140
Supports : 8,130, 8,100
Resistances : 8,160, 8,200
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