The technicals of the Nifty suggest that a bullish pattern is there though somewhat unconfirmed. With that in mind the immediate support is at 8584 and the immediate resistance is at 8611. It seems that the bulls are not in a mood to give up.
Having said that the intra-day traders may go long if the Nifty trades above 8595 in the wee hours conclusively and book profit at 8637. They may however trade on the short side if the index trades below 8580 to book profits at 8565.
The short term traders may trade on the long side with strict stop loss at 8575. They may also consider going long in Axis Bank with strict stop loss at 598.
The mid term investors may consider offering Bank of Baroda at 162.20, Tata Motors at 411.25, in small quantities. They may also consider checking 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.
Having said that the intra-day traders may go long if the Nifty trades above 8595 in the wee hours conclusively and book profit at 8637. They may however trade on the short side if the index trades below 8580 to book profits at 8565.
The short term traders may trade on the long side with strict stop loss at 8575. They may also consider going long in Axis Bank with strict stop loss at 598.
The mid term investors may consider offering Bank of Baroda at 162.20, Tata Motors at 411.25, in small quantities. They may also consider checking 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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