A little more upside seems inevitable in the session with the immediate resistance at 8501 which if conquered will see Nifty move towards the 8668 mark. The immediate support for the Nifty is at 8368 which if broken will see it go towards the 8304 mark.
The intra-day traders may go long if the Nifty trades above the 8435 mark to book profits at 8501. Otherwise they should short the nifty to book profit at 8390.
The short-term traders may book partial profits in their longs at around 8501. They may however make fresh long positions if the resistance of 8501 is conquered with volumes.
The mid-term traders may consider buying Idea Cellular at 166.40 in small quantity. They may also watch Axis Bank which is approaching the crucial resistance of 598.80 and L&T which must conquer the 1819 mark conclusively for any hope for bulls in that counter. They may consider buying HDFC Bank with strict 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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