Whether the support of 8335 mentioned in our previous post did actually get breached will be confirmed in the next session as the lowest point of 8323 (and the consequent closing at 8328.55) was hit at the fag end of the session. However, if the breaking of 8335 gets confirmed in the ensuing session then the immediate target should be at around 8177. But the positive takeaway is that the leaders of the rally that took it to 8561.35 mark were not as much beaten as the benchmark index itself. On the flip side the immediate resistance is at 8350 and then at 8470.
The intra-day traders may play it on the short side unless and until the index manages to stick it's head above the 8350 mark, otherwise they may play it on the short side to book profit at around 8320 or 8300 as the case may be.
The short-term investors may continue to ride their shorts and try to cover them at around 8275.
The mid-term investors may stay on the side lines and watch for this post. We will advise if an opportunity presents itself during the mid session.
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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