The market did trade above the 8207 mark that we had indicated in our weekly post and so it remained bullish till the end of session even conquering our first resistance of 8310. It still can not be concluded that an intermediate low has been made although we are very much into an optimistic mode.
The resistance of 8310 may now act as a support if yesterdays session was any indication of a breakout from the bear territory.
Otherwise the immediate support is at 8125, which, if breached, will drag Nifty to new lows.
The traders are advised to trade keeping above points in mind.
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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