The Nifty did manage to rise above the immediate resistance of 8339 in the previous session after many a hiccup and therefore one may expect it to remain a wee bit bullish in the next session if it manages to stick its head above the 8348 mark. The new support of Nifty is once more at 8265.
The intra-day traders may go long with stop loss at 8350 to book profit at 8410 or there abouts. If however, it trades below the 8325 mark then they may short the index to book profit at around 8285.
The short-term traders may continue to ride their longs raising their trailing stop loss to 8265.
The mid-term investors may consider selling Gateway Distriparks at 354.95. They may also consider buying HDFC Bank with stop loss at 1040.
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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