The trading on the previous session which was also the first day of F&O series of July 2015 remained inconclusive, with a bit of nervousness on the part of the bulls.
The support of 8290 must hold for any chances for bulls during the week in which case the resistances will be at 8391, 8501 and 8668.
Otherwise, i.e. in case the support of 8290 is breached then the immediate support of the index must be at 8265 which if broken will see it go down further towards the target of 7882 and 7586.
The intraday traders may go long if the Nifty trades above the 8380 mark to book profit at around 8437. However, if it trades below 8370 mark then they may short the Nifty to book profit at 8343.
The short-term traders may add long positions in case of weakness with strict stop loss at 8265. However, if the Nifty somehow trades below the 8265 mark with good volumes on conclusive basis then they may open fresh shorts. They may also considering going long in LIC Housing in case if the stock happens to trade above the 470 mark with strict stop loss at 460 for a possible target of 480.85.
The mid-term investors may consider buying Tata Motors at 428.80, and sell Marico at 498.05 in small quantities.
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.
The support of 8290 must hold for any chances for bulls during the week in which case the resistances will be at 8391, 8501 and 8668.
Otherwise, i.e. in case the support of 8290 is breached then the immediate support of the index must be at 8265 which if broken will see it go down further towards the target of 7882 and 7586.
The intraday traders may go long if the Nifty trades above the 8380 mark to book profit at around 8437. However, if it trades below 8370 mark then they may short the Nifty to book profit at 8343.
The short-term traders may add long positions in case of weakness with strict stop loss at 8265. However, if the Nifty somehow trades below the 8265 mark with good volumes on conclusive basis then they may open fresh shorts. They may also considering going long in LIC Housing in case if the stock happens to trade above the 470 mark with strict stop loss at 460 for a possible target of 480.85.
The mid-term investors may consider buying Tata Motors at 428.80, and sell Marico at 498.05 in small quantities.
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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