The Nifty behaved pretty much in the expected lines through out the last week as indicated in our weekly post, going up all the way up to 8787.4 as against our indicated resistance of 8795.
The 8795 mark is now the most important hurdle to be crossed for the Nifty to turn bullish towards hitting new all time highs. But for this to happen the resistance of 8795 should be conquered conclusively with good volumes.
The intraday traders may go long if the index trades above the 8779 mark to book profits around the 8800 mark. They may go short of the Nifty slides below the 8754 mark to book profits at 8720.
We expect that the short-term traders following our blog must have booked their longs on Friday as per our advice in our Friday's post. They may go long only if the 8795 mark is conquered conclusively and otherwise they should stay in sidelines and just wait and watch. However, if the Nifty slips below the 8720 mark then they may short the Nifty for a target of 8663.
The mid-term investors may consider exiting Bank of India at 228.10. They may wait for our next post for any other opportunity as at the moment the market is on a critical point and that too on a truncated week.
It may also be noted that the markets will remain closed on April 14 2014.
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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