If the Nifty manages to stay above the 8718 mark then it can be safely assumed that an intermediate bottom has been made at 8677.35 and the benchmark index will meet next resistance at 8846 and 8946. Otherwise, it will resume its downward journey towards 8575 and 8468.
If the Nifty trades above 8770, then the day traders may go long with stop loss at 8760 to book profit at 8795 or 8815 depending upon the strength of the market. Otherwise they may go short to book profit at 8750 or 8718 with stop loss at 8770.
In case of weakness, the short-term traders may go long with stop loss at 8718 with a possible target of 8846. However, if the Nifty goes below the 8718 mark then they may go short.
The mid-term investors may consider selling Gateway Distriparks at around 449.35 and 453.35.
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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