The benchmark index did show signs of weakness towards the end of previous week, but short covering made it bounce back from the low of 8849.35 in the previous session.
The nifty is expected to yield under pressure in the coming week unless and until it manages to stay above the 8914 mark in the opening session with the immediate resistance being at 9016. However, if 9016 is conquered with good volumes then the next resistances will be at 9063, 9088 and 9110.
On the flip side, if it is not able to sustain above the 8890 mark, then the Nifty will head towards 8840 mark. However, if 8840 mrk too gets breached then fresh selling may emerge with all traders switching to bearish mode.
For intraday traders - If Nifty sustains above 8914 mark then 8914 will become the support and they may go long with stop loss at 8914. Otherwise they may go short and book profits around 8890. Below 8890, the short term traders may open fresh shorts with stop loss at 8914. Above 8914 they may go long. The short term traders may go long in Bank of Baroda with stop loss at 182 and target of 206.
The mid term investors may consider buying Axis Bank @ 586.25 and @ 551.15 in small quantities.
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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