Like we had stated in our previous post, it indeed was a dead cat bounce and then profit booking set in and dragged Nifty down to 8031 before closing at 8060. The market may be considered weak as long as it does not conquer the resistance of 8205 with the target of 7882.
The intra-day traders may go long if the Nifty trades above 8076 with stop loss at 8060 to book profit at 8100 or thereabouts. On the other hand if the Nifty trades below 8045 then they may short the index with stop loss at 8065 to book profit at 8010.
The short-term traders may play it on the short side with stop loss at 8210 for the target of 7882 or thereabouts.
The mid-term investors may buy Goldman Sachs Nifty ETF at 801.62, Lupin at 1810 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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