The benchmark index managed to close above our resistance of 5896 indicating that there is a bit more of upside and a breakout cannot be ruled out.
The immediate support for today is at 5885 which if breached may see it slide down with successive supports at 5854, 5808 & 5777.
If it holds above the 5869 mark then the index will remain bullish with resistances at 5906, 5930, 5962 & 6007.
Intra-day traders may ride the bull and add more with stop loss at 5824.
Short-term traders may start buying Nifty put options of October series if the index trades above 6100.
Mid-term investors may continue to exit the non-performers in their portfolio.
The immediate support for today is at 5885 which if breached may see it slide down with successive supports at 5854, 5808 & 5777.
If it holds above the 5869 mark then the index will remain bullish with resistances at 5906, 5930, 5962 & 6007.
Intra-day traders may ride the bull and add more with stop loss at 5824.
Short-term traders may start buying Nifty put options of October series if the index trades above 6100.
Mid-term investors may continue to exit the non-performers in their portfolio.
Disclaimer: The writers of this column do not personally hold any stock or position in the F&O market and do not intend to benefit in any way by publishing this column. The final discretion is that of the reader and we disown any responsibility for any loss incurred by the reader.
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