With the settlement behind us now we have to see that the Nifty does not breach the support of 7730, which is important for if this support is broken conclusively on closing basis with good volumes, then we may see a fresh bout of selling coming in which may take the benchmark index down to 7586 and 7458 levels. On the flip side if the Nifty somehow manages to stay above the 7932 mark conclusively on closing basis with good volumes, then fresh buying might emerge taking Nifty to 8151 or 8208 levels. It may however be kept in mind that this is a truncated week with October 2 2015 being a holiday.
That being said, the intra-day traders may go long with stop loss at 7850 to book profits at 7907. However, if the nifty trades below 7845 then they may play it on the short side with stop loss at 7860 to book profit at 7838.
The short-term traders may open long positions if the Nifty cracks down further with stop loss at 7730 for a possible target of 7951.
The mid-term investors may consider buying Coal India at 313.60, 308.75 and 301.45 in small quantities. They may also consider buying Goldman Sachs Nifty ETF at 788.21, 775.15 and 761.26 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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