The benchmark index could not hold above the 8160 mark which was our first resistance for the Nifty as pointed out in our previous post, which was to be overcome for any hope for bulls to come alive.
Unable to do so, the Nifty crashed down to 8056. The only positive takeaway from the previous session is that it bounced back to close almost flat.
The immediate support for the session today is at 8120 failing which the Nifty will again see sell off emerging. The intraday traders may however go long in Nifty if it trades above 8120 for an hour or so with strict stop loss at 8110 to book profit at around 8170 or 8215, as the case may be depending upon the momentum of bounce back that started yesterday. However, if it trades below the 8100 mark, they may short the nifty with stop loss at 8130 to book profit at 8075.
We expect the short-term traders following this blog must have exited their short positions yesterday as per our advice in the previous post. They may however, stay away for the day as no clear signal is emerging. However, if the Nifty trades above the 8175 mark conclusively then they may consider going long.
The mid term investors too may stay on the side lines.
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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