The resistance indicated our previous post held and Nifty failed to trade above 8693.6 (our resistance was at 8690) and then it went down and the intraday traders following our advise might have raked in good money by playing both ways by booking longs at 8690 and shorts opened at 8630 booked at 8610.
The intraday traders may go long if the Nifty trades above 8655 with stop loss at 8640 and book profits at 8727. However, if it trades below the 8620 mark, they may play it on the short side and book profits at around 8600.
The short term traders may continue to ride longs and add more long positions on dips and raise their trailing stop loss to 8550.
Mid term investors may continue to bid as per our weekly post.
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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