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Nifty 50 November Futures (24,062)
Nifty 50 has begun the week on a week note. The index has declined sharply by about 1.35 per cent. It is currently trading at 23,974. The sharp fall indicates that the downtrend has resumed after the pause last week. The advances/declines ratio is at 5:45. This is very bearish.
Nifty 50 Outlook
The downtrend is intact and the outlook bearish. Resistance will now be in the 24,100-24,200 region. Any intermediate rise is likely to get sellers at this resistance zone.
Nifty can fall to 23,600 in the coming days.
A strong rise above 24,200 is needed to ease the downside pressure. Also, a decisive rise above 24,600 is required to bring back the bullish sentiment.
Nifty 50 Futures
The Nifty 50 November Futures (24,062) is down 1.33 per cent. Resistance is in the 24,150-24,200 region.
The outlook is bearish. The Nifty 50 November Futures contract can fall to 23,950 and even 23,800 in the coming sessions.
Trade Strategy
Traders can go short now at 24,062. Add more shorts on a rise at 24,140. Keep the stop-loss at 24,220. Trail the stop-loss down to 23,980 as soon as the contract falls to 23,945. Move the stop-loss further down to 23,910 when the contract touches 23,880. Exit the short positions at 23,820.
Supports: 23,950, 23,800
Resistances: 24,150, 24,200
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