The benchmark index has definitely turned weak as the support of 8070 got breached and baring a dead cat bounce, we presume it to weaken further with the next support being at 7882.
The intra-day traders may go long only if the Nifty trades above 8035 to book profit at 8055 with stop loss at 8010. However, if the Nifty trades below the 8020 mark in the wee hours then they may short the Nifty to book profit at 7985.
The mid term traders may chase the target of 7882 on the short side with stop loss at 8210.
The mid term investors may consider buying Lupin at 1799.55 and Goldman Sachs Nifty ETF at 801.62 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.
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