Judging from the way the support of 8795 got breached in the previous session, it can be safely assumed that the maket is in no hurry to hit new all time highs and might as well go into a consolidation phase with a downward bias. However, it may be noted that a breakout cannot be predicted or rejected based on data of just two sessions.
The intraday traders may go long f the nifty trades above the 8775 mark to book profits at around 8795. Otherwise they may play it on the short side to book profit at 8732.
The short-term traders may go long only if the Nifty conquers the resistance of 8798.
The mid-term investors may consider buying Idea at 192.95.
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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