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Nifty November Futures (8,372)
After opening at 8,383 levels, the Nifty futures contract surged and encountered resistance at 8,402 levels in the initial part of the session. But, subsequently, the contract started to experience selling pressure and began to decline. It has closed the gap formed today by recording an intra-day low at 8,361 levels.
The near-term outlook is biased negatively as the contract is experiencing selling pressure. Traders with a short-term perspective can initiate fresh short positions on a fall below 8,350, with a stop-loss at 8,355. The contract can decline to 8,320 and 8,300 levels.
To reinforce the bullish momentum, the contract has to rally above the 8,380 level for an upmove to 8,402 levels once again.
Strategy: Initiate a fresh short position with a stiff stop-loss at 8,355 if Nifty futures falls below 8,350 levels.
Supports: 8,350 and 8,320
Resistances: 8,380 and 8,400
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