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Nifty 50 Nov Futures (10,402) The Nifty 50 futures contract is trading on a positive note. The contract has risen, breaking above a key resistance level of 10,390, and is currently hovering above the psychological 10,400-mark.
As long as the contract sustains above 10,390, the outlook will be bullish. Immediate resistance is at 10,415, which is likely to be broken. A strong break above 10,415 will pave the way for the next targets of 10,445 and 10,470.
Short-term traders can go long at current levels. Stop-loss can be placed at 10,380 for the target of 10,440. Revise the stop-loss higher to 10,410 as soon as the contract moves up to 10,420.
The bullish outlook will be negated if the contract declines below 10,390. In such a scenario, the contract can fall to 10,370 and 10,350 levels again.
Strategy: Go long with a stop-loss at 10,380
Supports: 10,390, 10,370
Resistances: 10,415, 10,445
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