We had advised the readers of this blog in our previous post to exit their long positions at 8787 and the Nifty was stopped at 8785. We hope the readers have exited their longs
The intra-day and short-term traders may go long only if the Nifty trades above the 8799 mark conclusively because if this resistance is broken then fresh longs will be built into the system. However, if this resistance is not conquered then the Nifty will consolidate with a negative bias gravitating gradually towards 8470.
In case if the Nifty manages to trade above the 8799 mark then the intra-day traders may trade long with target of 8813 or 8851. If it falls below the 8734 mark then they may go short to book profits at 8662.
The mid-term traders may trade depending on whether the resistane of 8799 is broken conclusively or not. In case if the resistance is conquered then they may go long aiming for new highs. Otherwise they may go short.
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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