The markets are behaving very much in the expected lines as we had stated in our weekly post. The resistance of 8150 has been conquered in the last two sessions on closing basis and so it is quite natural that we are headed towards the next resistance of 8210.
The intra-day traders may go long if the Nifty trades above 8170 with strict stop loss at 8150 to book profits at around 8190/ 8225, as the case may be. However if it trades below 8150 with volumes then they may go short on nifty to cover at 8124.
The short-term investors may consider going long in Nifty with strict stop loss at 8110 with a possible target of 8200.
The mid-term investors may consider selling Axis Bank at 519.75 and buying ITC at 335.35 (with stop loss at 330.)
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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