7656.85 is the new support, which if breached will see Nifty gravitate towards 7586, 7458 and ultimately towards 7150. However, if the support of 7586 is held, chances of Nifty sliding downwards are less, in which case it looks like an intermediate bottom has already been made but the volatility will subside gradually as the index will start consolidating.
On the flip side the resistances are at 7880, 8151 and 8208.
In case of a rise, the intra-day traders may play it on the short side, with stop loss at 7810 to book profit at 7752. However, they may go long if the Nifty trades above the 7805 mark and holds above this point for more than an hour and book profit at 7850.
The short-term traders may stay nimble footed and get in and out depending on the resistances conquered (go long) or supports broken (go short) as there is no sign of a clear direction thus far.
The mid-term investors may consider buying Goldman Sachs Nifty Exchange traded scheme at 778.45 and 761.15. They may also consider buying Coal India at 323.35, Marico at 385.25 and Lupin at 1755.20 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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