The benchmark index behaved very much in expected lines as indicated in our previous post and to the extent that it even broke the support of 8492 and went down to 8269.15 mark before closing at 8341.4 in the previous session.
The Nifty will continue to be weak in the ensuing truncated week which will be closed on April 1 2015 and April 2 2105. The immediate support will be at 8256 which if breached will see further meltdown towards the 8143 and 8070 mark. Otherwise too, i.e. in case of a rise, the Nifty will see only consolidation with a negative bias.
The immediate resistance will be at 8410 and then at 8565. However, the Nifty will keep on coming down until it crosses the 8794 mark.
The traders may continue to trade on the short side on every opportunity with strict stop loss at 8794.
The mid-term investors are best advised to stay away for the time being.
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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