The resistance of 8501 hung over the market in the previous session as the bulls continually kept trying till the end of the session. The 8501 mark continues to be a crucial point which if conquered will see the Nifty soar towards the next and even more critical resistance at 8668. On the flip side the immediate support is at 8463 which if broken will see Nifty slide further down to 8374, 8311 and/or 8153.
The intraday traders may go long with stop loss at 8460 to book profits at 8513. If the nifty trades below the 8460 mark with volumes then they may short the index to book profits at 8440 or 8395 as the case may be.
The short-term traders may add long positions if the Nifty weakens with stop loss at 8374. However, if the Nifty conquers the resistance of 8501, then they may build fresh longs in the index to ride it till 8668.
Mid term investors may consider buying Idea Cellular at 179.55 and 174.55 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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