The Nifty broke the support of 8489 and broke even beyond the support to 8422. Once again we are standing at the crucial support of 8411, which if breached will see selling emerge posing risk to the bulls and the Nifty will see melt down to 8256, 8143, 8070, 7882 and 7586. In such a scenario, the bears will grip the market, i.e. unless and until there is a bounce back tomorrow.
The intra-day traders may go long if the Nifty trades above 8450 mark to book profit at 8495.
The short-term traders may, unless there is a bounce back tomorrow, play it on the short side with stop loss at 8583.
The mid term investors may consider buying Idea at 180.55, Marico at 383.25 and Lupin at 1651.75 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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