The new support of 8310 was broken in the initial hour of trading and so as indicated in our previous post, the Nifty drifted back into the bear territory and the only silver lining to it was that inspite of going down to 8115.3, the Nifty closed at 8126.95 i.e. above our support of 8125. Otherwise we continue to be bearish.
The intraday traders may go long only of the Nifty trades firmly above 8190 and book profit at 8240. They may go short if the support of 8125 gets broken to book profit at 8098 or 8052, as the case may be.
The short term traders may continue to add short positions in case of rise.
The mid-term investors may continue to bid as indicated in our weekly post.
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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