As we had stated in our previous weekly post that the shadow of 8501 hung over the index and it could not sustain conclusively with good volumes above this mark, although it did manage to stay above 8501 mark on two consecutive sessions and went up to 8561.35.
Similarly, the nifty could not conclusively breach the support of 8311 although it went down to 8315.4, almost about kissing it but bounced back from here to 8372.2, probably due to short covering due to the upcoming weekend.
The intraday traders may go long only if the index stays above the 8365 mark to book profit at 8385 with stop loss at 8345. They may however short the index if it trades below 8335 and book profit at 8315 or 8300 as the case may be.
The short-term investors may continue playing on the short side and open fresh short positions in case of strength in the index with strict stop loss at 8475. The immediate support of nifty is at 8337 and if this level does not sustain in the ensuing session then the supports will be at 8311 is at 8177. The traders may keep these levels in mind while considering opening fresh shorts and/ or covering the shorts to book profits.
The mid-term investors may buy HDFC Bank at 1073.45, buy Idea Cellular at 165.75, sell Lupin at 1876 and sell Tata Motors at 413.50 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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