Now that the support of 8718 was breached towards the close of last week, in which case, as already indicated in our previous weekly post, the benchmark index is expected to continue in its downward journey in the near future with the support for the Nifty being at 8573, 8468 and 8403.The intra-day traders and short term traders must have benefited immensely by following our advise. However, as the market does not go down or up in a straight line, so one may expect the immediate resistance at 8766 which if conquered, will see short covering kicking in and Nifty may head towards 8932. Once above 8932 mark, new longs will emerge in the system.
The intraday may play it on the short side and short-term traders may play it on the short side with stop loss at 8766 with possible targets of 8596, 8566, 8540 and 8492.
The short-term traders may continue to ride their shorts and even add more shorts in case of a rise with a possible target of 8573, 8468 and 8403. They may also consider going long in Lupin with stop loss of 1825 for a possible target of 1929.75.
The mid-term investors may consider buying HDFC Bank @ 1002.25.
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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