Very much in lines with our prediction in previous weekly post, the Nifty continued to be under the bear control and went down to as low as 7997.15 before closing the week at 8191.5.
The resistances of Nifty are at 8207, 8310, 8521 and 8690.
The supports of Nifty are at 8084, 7882 and 7586.
The Nifty must trade above the 8207 mark with good volumes and on conclusive basis for any bullish spark to emerge. It will however become weak if it falls below the 8084 support in which case it will drift downwards as selling will emerge.
The intra-day traders may go long above 8180 to book profits at 8120. They may go short below 8160 to book profits at 8135.
The short-term traders may continue to add long positions in case of rise and exit their short positions around the support levels.
The mid-term investors may capitalize the current meltdown and as advised in our previous post they may continue to bid for Axis Bank at 509.35, HDFC Bank at 912.85 and Tata Motors at 470.85 all in small quantities.
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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