The Nifty could not hold above the resistance of 8501, which we had been constantly insisting upon as being very critical for the next move and consequently, it was not before long before it went into an almost all out sale giving up all the gains of the previous sessions stopping just a wee above our next support of 8335. If the support of 8335 gets breached in the next session then the index will slide towards the next support of 8177. On the flip side, if the Nifty somehow manages to stick it's head above the 8477 mark, then only can one expect the bulls to return.
The intraday traders may trade on the short side in case of a strength in the market with strict stop loss at 8390 to book profit at 8320 and the short-term traders may open fresh shorts with stop loss at 8480.
The mid-term investors may wait and watch as we expect better buying prices in the next few sessions.
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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