The market, although may seem bullish but one can not rule out the possibility of profit booking coming in for every rise and short selling, which drags the benchmark index below the key supports. We presume that traders may continue to remain nimble footed with the strategy of selling on rise and buying on dips. It may also be kept in mind that this is a truncated week, October 22 being a holiday and settlement is next week on October 29.
The next resistance is at 8346 and the immediate supports are at 8184, 8148.
The intraday traders may go long if the index trades above the 8210 mark to book profits at 8265. Otherwise they may short the index to cover it at 8185.
The short-term traders may ride their longs and add long positions with stop loss at 8130.
The mid-term investors may start selling 10 % of their holdings in HDFC bank at 1122.50, goldman sachs nifty ETF at 844.80 and LIC housing at 510.75
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.
The next resistance is at 8346 and the immediate supports are at 8184, 8148.
The intraday traders may go long if the index trades above the 8210 mark to book profits at 8265. Otherwise they may short the index to cover it at 8185.
The short-term traders may ride their longs and add long positions with stop loss at 8130.
The mid-term investors may start selling 10 % of their holdings in HDFC bank at 1122.50, goldman sachs nifty ETF at 844.80 and LIC housing at 510.75
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.
Infosys drops post Q2 nos as guidance downgrade hurts sentiments
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