Tips on stock picks and trading strategies for the week August 31 2015 to September 4 2015.

The crucial support of 7586 held although this time it went down to 7667.25 and closed at 8001.95 towards the end of the week. The immediate support for the week is at 7829 and the resistance is at 8200. In case of a breach of the weekly support, the benchmark index will again slide towards 7586 and 7459. On the other hand, if the resistance of 8200 is conquered then the index will face successive resistances at 8257, 8395 and 8565.

The intraday traders may go long only if the Nifty trades above 8018 and book profit at 8042. In the flip side if the Nifty trades below 7985 then they may play it on the short side and book profit at 7945.

The short-term traders may go long in case of weakness in Nifty with strict stop loss at 7827 with a possible target of 8148. However, if the Nifty trades below 7827, they may short the index with a possible target of 7785.

The mid-term investors are advised to buy Coal India at 345.65,  HDFC Bank at 1014.40, LIC Housing finance at 418.45 and Goldman Sachs Nifty exchange traded scheme at  798.40 and 793.45 all in small quantities. They may also consider selling Marico industries at 441.80.

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.