The Nifty managed to almost wobble around the 8365 mark and eventually broke it taking it to above our resistance of 8467 but eventually closed below at 8459.65. We however hold that the index is not out of the woods as yet as it has yet to conquer the resistance of 8467 with good volumes. Chances of another sell of can not be ruled out. The best one can expect is a volatile market with sudden swings in either side eventually ending in consolidation before another leg up.
The intraday traders may go long as long as the nifty stays above the 8430 mark and book profit at 8490.
The short-term traders may go long only if the resistance of 8467 is conquered conclusively with good volumes and ride it till 8660. Otherwise, they may short the index and cover it around 8380.
Mid-term investors may consider selling Tata Motors at 416.50 and buying Idea Cellular at 165.75 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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