We expect the followers of this blog to have exited all the long positions as per our advise in our previous post because the Nifty might turn out to be erratic in the coming week on account of the settlement of F&O series of May 2015 which is due on May 28 2015.
The resistance of 8331 indicated in our previous weekly post was conquered in the very first session of the past week and therefore the Nifty in particular and market in general remained optimistic and again after stopping for a breath on May 21 2014 as indicated in the post for the day, it turned bullish towards the end of the week closing at 8458.95.
The immediate resistance for Nifty in the net session is at 8472 which if conquered will see Nifty go up to 8510 and/or 8559. The immediate support is at 8446 which if breached may see Nifty slide down to 8423/ 8394. The intra-day traders may go long if it trades above 8472 with stop loss at 8450 and profit at 8510 or 8559 as the case may be. They may short the Nifty if it trades below 8446 to book profit at 8423 or 8394.
As for the week, the resistances are at 8521 and 8690 and the major supports are at 8432, 8394, 8242 and 8185. The short-term players may trade accordingly going long if it conquers resistances taking the resistance conquered as the immediate support and therefore as stop loss and vice versa. They may stop trading in May series.
The mid-term investors may look for opportunities in key stocks in case of a sell off on account of F&O settlement this week. They may consider placing bid for Idea at 158.20 in small quantities. They may also consider investing in SBI Blue Chip Fund (G) by way of systematic investment plans for at least 6 months with an investment horizon of three years.
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