The Nifty seems to have turned bullish but the recent flare ups may not be construed to have come out of the woods. At best it will consolidate with a positive bias and may gradually inch up north with immediate support at 8551 and then at 8517, 8396 and 8256. However, a breach of 8256 will see a huge sell off this time with intermediate supports at 8143, 8070 and 7882.
On the flip side, the Nifty may continue to inch upwards gradually with immediate resistance at 8597, 8628 and 8795.
The intraday traders may go long if the Nifty trades above the 8597 mark to book profits at 8638.
The short-term traders may continue to trade on the long side on every opportunity with strict stop loss at 8517 for a target of 8690 and 8776. They may also consider going long in Marico if it trades above 388.20 with good volume with a possible target of 402.
The mid-term investors may consider bidding Axis Bank at 543.65, LIC Housing Finance at 428.05 and Tata Motors at 536.60. They may also consider investing in Birla Sun Life Top 100 (G) and SBI Blue Chip Fund (G) through SIP with a horizon of at least 4 years.
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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