As the Nifty was able to conquer the resistance of 7446, specified in our previous weekly post, and managed to close above it, it may be presumed that an intermediate bottom has been made at 7241.5. A glimmer of hope has started to sparkle for bulls if Nifty sustains above the immediate support of 7520 in which case the resistances will be at 7754, and 7980. However, if the support of 7520 gets broken then the next supports are at 7468 and 7369.
The intra-day traders may go long if the nifty stays above 7514 and book profit at 7616. Otherwise they may play it on the short side to book profit at 7475.
The short term traders may go long with stop loss at 7365 for a possible target of 7685.
The mid term investors may consider buying Goldman Sachs Nifty ETF at 746.31, Asian Paints at 865.11 and 847.35 and LIC Housing at 465.35.
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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