After an initial hiccup on account of booking of profits, the Nifty is expected to remain bullish till it hits the important resistance of 8036. However, if this resistance is conquered then a fresh spate of short covering will see Nifty surge ahead up north towards 8346. The immediate supports are at 7948, 7923, 7824 and 7712.
The intraday traders may if the nifty trades above 7948 to book profit at 7985. However, they may short the Nifty if it slips below 7933 to cover it at 7906.
The short term traders may ride their longs and add further positions in case of weakness with stop loss at 7712 for a target of 8011.
The mid-term investors may continue selling their holdings in small quantities. HDFC Bank at 1108.05, LIC Housing at 518.75 and Goldman Sachs Nifty ETF at 815.87.
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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