The benchmark index once more shot above the crucial 8501 resistance but it has yet to be seen whether it manages to stay above 8501 which, once again, happens to be the immediate support for short-term traders.
However, the intra-day traders may go long of the index manages to stay above the 8510 mark in the wee trading moments and book profit at 8542 or thereabouts. On the flip side, they may go short if the index slips to sub 8500 level and book profit at around 8470.
The short-term traders may however stay away from Nifty and rather go long in Lupin with strict stop loss at 1905 for a possible target of 1981.
Mid-term investors may consider selling Tata Motors in every rise in small quantities and exit the counter as it has been beaten beyond recognition from a mid-term perspective.
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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