Weekly post on trading tips for October 5 2015 to October 9 2015

The support of 7730 held throughout the week on closing basis, though the Nifty did slip below it in one session but bounced back immediately. However, the position continues to be the same as it was last week with critical supports at 7730, 7586 and 7458. But we expect it to be bullish, though there is no clear cut stock or sector leadership. The resistance is at 7978 which if conquered will see Nifty heading towards 8150 and 8210.

The intra-day traders may short the Nifty if it trades below 7970 to book profit at 7920. They may go long if the Nifty trades above 7980 to book profit at 7995 or 8110, as the case may be.

The short-term traders may continue to form long positions even in case of weakness with strict stop loss at 7730 with a possible target of 8150. They may also consider going long in Lupin with stop loss at 1950 for a possible target of 2240.

The mid-term investors may consider buying L&T at 1449.75, Goldman Sachs Nifty ETF at 793.10, Coal India at 319.30 and 783.94 and LIC housing at 441.80 - all 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.