The breakout of the range came up on the previous session and therefore, now 8501 should act as the new support as the Nifty should face resistance at 8668 which if conquered, the Nifty should inch up with positive bias eventually leading towards formation of all time highs. But that is beyond the current week.
As for the week, the immediate resistance is at 8623 and the intra-day traders may go long above this point to book profit at 8654. They may however go short if the index trades below the 8612 to book profit at 8581.
The short-term traders may go long with stop loss at 8575 and book profits at 8668.
The mid-term investors may wait and watch. If the index conquers the 8668 mark then they may hold the key stocks. Otherwise, i.e. if the Nifty is unable to conquer the 8668 mark or happens to be unable to sustain the current levels, then they may start selling the key stocks at every rise. As of now they may consider selling Tata Motors between 404 to 416.95 in small quantities. They may also consider selling Bank of Baroda at 160.20. Buy Idea Cellular at 173.8 and 165 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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