The support of 8242, as indicated in our previous weekly post remained unbreached, inspite of the F&O expiry blues, which augurs well for the market. The key supports of Nifty for this week are at 8310, 8242 and 8185 and the key resistances are at 8521 and 8690. If the support of 8185 gets broken then any hope for bulls will be lost and we will slide into a sustained bear market. Likewise, if the resistance of 8690 is conquered conclusively then chances of Nifty hitting new all time high cannot be ruled out. As for now, no clear picture is emerging.
The intraday traders may go long if Nifty trades above the 8405 mark with strict stop loss at 8390 to book profits at 8480. They may short the Nifty it it slips below the 8344 mark and cover their shorts ar 8310.
The short-term traders may build long positions in Nifty in case of weakness with strict stop loss at 8310.
The mid-term investors may continue to invest in SBI Blue Chip Fund (G) through SIP. They may also consider selling the non-performers in their portfolio in case the Nifty happens to trade around the 8690 levels during the week.
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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