If the Nifty does not show a bounce back and the support of 8070 is conclusively broken on the upcoming trading session then things do not augur well for the bulls and fresh supply will emerge where traders will press fresh short positions. In such a case the immediate support is at 7882 and then at 7586 and 7458.
On the flip side, if the benchmark index somehow manages to hold the support of 8070 and trades consistently above the 8100 mark then the new resistances are at 8225 and 8346.
The intra-day traders may go long if the Nifty trades above 8085 to book profit at 8115. They may however short the market if it trades below 8050 and book profit at 8024.
The short-term traders may go short in Nifty if it trades below 8070 for a possible target of 7882.
The mid term investors may consider buying Goldman Sachs Nifty ETF at 803.21 and 761.11 in small quantities. They may also consider buying Dr Reddy at 4189.10 and 4059.35, Lupin at 1897.95 and 1752.65, Maruti at 4347.35 and Bajaj Auto at 2476.40.
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.
Interesting news & good advice, I am reading your post with great interest.Free Stock Market Tips
ReplyDelete