The resistance of 8311 got conquered yesterday, which implies that the market is headed up north so long as it trades above 8311 which has now become the immediate support. The next resistances as we had indicated in our previous post are at 8521 and 8690. However, in case of a breach of 8311, the supports are now at 8202 and 8145.
The intraday traders may go long if the Nifty trades above 8345 to book profit at 8410. Otherwise they may short the Nifty to book profit at 8315.
The short-term traders may ride their longs with stop loss at 8230.
They mid-term investors may consider buying Marico 406.15 with strict stop loss at 402.
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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