The Nifty has turned weak and seems to be in bearish grip and will continue to be so unless it manages to stick its head above 8656 which is quite in our expected lines ever since we had advocated to those trading on long side to exit all long positions in a previous post.
The intra-day traders may go long only if the index trades above the 8424 mark with stop loss at 8394 and book profit at around 8449. They may go short if the index trades below 8370 in the opening hour to book profit at around 8330.
The short-term traders may continue to play on the short side in case of rise with stop loss at 8656.
The mid-term investors may consider buying Axis Bank at 511.05.
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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