The nifty bounced back from 8284.7 in the previous session as against the support of 8256 which we had pointed out in a previous post, but whether an intermediate support has already been made will only be confirmed if the index manages to stay above 8390 through out the day. Otherwise we are headed to yet lower levels with intermediate supports as indicated in the earlier post.
The intra day traders may go long in Nifty if it trades above 8390 to book profit at 8475. Otheriwse they should go short to book profit at 8330 or 8283 as the case may be.
Short-term traders may cover their shorts today. However, if the index breaks down to sub 8256 level then they may open fresh shorts, preferably in May series.
The mid-term investors may consider buying Marico at 383.25.
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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