The readers of this blog might have noticed that in our previous post we had indicated that in case of a breach of 8890 mark, the nifty will head towards 8840 mark and of 8840 mark too gets breached then fresh shorts will emerge. The Nifty behaved very much in expected lines and closed at the lowest point. It can therefore be safely concluded that we are in a short term bearish trend with the next support being at 8718, which if broken then the next supports are at 8575 and 8468.
For the intra-day traders, if the Nifty somehow manages to stick its head above the 8798 mark then they may go long with a target of 8832. Otherwise they may short the market to book profits at 8718.
The short-term traders may continue to ride the shorts and even consider adding more short positions with stop loss at 8875. They may also consider going long in Lupin with strict stop loss of 1858 for a target of 1889.
The mid-term investors may consider buying Axis bank at 585.15 and 551.45.
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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