The nifty was technically in bullish mode as we had indicated in our previous post.
but the settlement blues seemed to set in, which may be construed as an opportunity for those taking positions in the October F&O series.
That being said, the immediate support for Nifty is at 7736 and if that is breached then we may see Nifty sliding towards 7586 and then at 7458.
On the flip side, the immediate resistance is at 7885 and if that is conquered then at 7955 and 8152.
The intra-day traders may go long if the benchmark index trades above the 7875 mark and book profit at 7932. Otherwise they may short the Nifty and cover it at around 7725.
The short-term traders may go long in the October series with stop loss at 7730.
The mid-term investors may bid for Goldman Sachs nifty ETF at 783.57, 772.4 and 758.1 in small quantities. They may also consider buying HDFC Bank at 1003.95 and 982.6 and LIC HSG Finance at 408.15, all in small quantities.
We remind our followers again that this being a truncated week and also settlement being due this Thursday, one must be very careful in committing positions and be alert.
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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