The only positive takeaway in a market with weak sentiment was that the immediate support of 7938 held on closing basis on both the previous sessions. Otherwise, the benchmark index continues to be weak both as projected by the technical parameters as well as lack of leadership of any sector in particular. Moreover, the upcoming week will be a truncated week due to holidays on November 11 2015 and November 12 2015. However, the market will open in the evening for Muhurat trading on November 11 2015.
The immediate support for the nifty is at 7944 which if broken will see the index drifting towards the next support of 7882, 7843 and then finally towards 7586.
On the flip side, if the Nifty conquers the resistance of 7960, then one may expect a rise to 8043 and 8179 but chances of it trading on the negative seem strong.
The intra-day traders may go long if the Nifty remains above 7960 and book profit at 7995. Otherwise they may short it and cover around 7935.
The short-term traders may continue riding their longs and add more shorts with loss at 8043.
The mid-term investors may consider adding Nifty ETF at 801.62 and 761.11, LICHSGFIN at 438.90 and 428.65, Lupin at 1765.35 and Axis Gold ETF at 2304.40.
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.
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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