The Nifty behaved very much in expected lines, as we had stated in our weekly post, that as long as it does not conquer the resistance of 8207, it will remain weak but the positive take from the week was that the support of 8084 did not break and towards the close of the week the Nifty conquered the resistance of 8207 to close at 8262 which implies a bit of a hope for bulls in that an intermediate low is in place at 7997.15.
The successive major resistances for the week are at 8311, 8521 and 8690 and the major supports are at 8235, 8162 and 8125. If 8690 gets conquered then fresh longs will be built into the system leading to new all time highs. Similarly if 8125 will be breached then fresh selling will emerge leading to a new 52 week low.
The intraday traders may go long if the Nifty trades above the 8255 mark with stop loss at 8235 to book profit at 8290 or 8315 as the case may be. They may however short the Nifty below the 8220 mark to book profit at 8175.
The short-term traders may cover their shorts in case of a dip in Nifty and start taking fresh longs with stop loss at 8125.
The mid-term investors 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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