Nifty November Futures (8,038)
The Nifty futures contract continues to witness selling pressure. It opened with a gap down at 8,053 levels and declined to mark an intra-day low at 8,009. Although the contract is on a recovery mode, it needs to conclusively rally above the key resistance of 8,070 to strengthen the bullish momentum. Therefore, traders with a short-term view should tread with caution and consider initiating fresh long position only on a strong rally above 8,070 with a fixed stop-loss. Such a rally can take the contract higher to 8,100. Subsequent resistances are pegged at 8,125 and 8,150 levels. Conversely, inability to move above 8,070 can drag the contract down to 8,025 and then to 8,000. Next supports at 7,975 and 7,950 will come into play on a fall below 8,000 levels.
Supports : 8,025 and 8,000
Resistances : 8,070 and 8,100