After an initial hiccup and a gap down opening which took Nifty down to 8386.15 level which was pretty close to 8374, our stop loss for short term traders as indicated in our weekly post, the bulls took charge taking Nifty beyond the resistance of 8501. However, a confirmed breakout of the resistance will only be confirmed in the upcoming session.
The intraday traders may trade on the long side in Nifty if it stays above the 8485 mark to book profit at 8542. They may however short the index if it trades below the 8460 mark to book profit at 8400.
The short-term traders may continue to ride their longs and even add more long positions with strict stop loss at 8590. They may however exit their longs around the 8668 mark.
The mid-term investors may consider buying Idea Cellular at 179.05.
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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