In our previous weekly post we had stated that the Nifty will test the support of 8256 again and below 8256 it will find support at 8143. The Nifty bounced back from 8144.75 and went upto 8211.65. But the bounce back of 66.9 points from the lows may not be construed as an end of bear control and it cannot be conclusively stated that we are out of woods and that an intermediate bottom has been made. Unless and until it stays above 8170 in the opening hours, we expect it to test the support of 8143 yet again and if it gets breached then another sell off will see it go down south with supports at 8070 and 7882.
However if it manages to stay above 8170, the it will meet resistances at 8185, 8245, 8367, 8437 and 8577. The bulls will come back if it conquers the resistance of 8577.
The intraday traders may go long if it trades above the 8185 mark to book profit at 8220. If it trades below 8170 then they may short the Nifty to book profits at 8141.
The short-term traders may go long but with strict stop loss at 8143. If it closes below 8143 in the next session then they may consider going short with possible target of 7882.
The mid-term investors may consider buying HDFC Bank at 952.20, LIC Housing at 419.15, Marico at 395.95 and Tata Motors at 494.65, all in small quantities.
The long-term investors may consider investing through SIP in Birla Sun life Top 100 (G) and SBI Blue chip fund (G) with a two to three year investment horizon.
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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