A word of caution is advised on account of the expiry of F&O series of March 2016, which is due on March 31 2016, which may bring about a bit of volatility and also an abrupt ending to the recent bullish surge. However, we continue to maintain that 7755 will continue to be a tough resistance for Nifty, which if broken conclusively, will see the benchmark index chase the next successive resistances of 7950, 8070 and 8245. The immediate support is at 7690 and 7525 and then finally 7170.
The day traders may go long with stop loss at 7700 to unwind at 7745. However, if the Nifty trades below 7690, then they may short the Nifty to cover at 7665.
The short-term traders may continue to ride their longs with the target of 7755 at which point they may book profit. They may only add fresh longs if the Nifty manages to stay above 7795 on closing basis with new stop loss at 7740 for the next target of 7950.
The mid-term investors may sell their positions in Goldman Sachs Nifty ETF successively at 798.87, 807.74 and 813.31 in small lots. They may also consider buying Asian Paints at 834.55 for the target of 883.40.
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
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