The nifty seems to be in a bullish mode and if the resistance of 8210 is conclusively conquered on closing basis with good volumes then the market will be headed towards the next resistances of 8346 and 8515.
On the flip side if the support of 8154 is broken on closing basis with good volumes then the next supports will be at 7897 and 7804.
The intra-day traders may go long if the Nifty trades above the 8198 mark to book profits at 8235. However, if it trades below the 8165 mark then they may play it on the short side to book profits at around 8105.
The short-term traders may continue to trade on the long side with strict stop loss at 8154 with a possible target of 8325.
The mid-term investors may consider selling 10% of their stocks in every rise- HDFC Bank at 1148.55 and LIC housing at 533.70.
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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