The Nifty was not able to conquer the resistance of 7955 yet it did manage to close above the immediate support of 7843. The key resistance continues to be at 7955 which if conquered will see the benchmark index soar higher to the next resistance of 8143 which is the strongest resistance. However if the Nifty breaches the support of 7843 then the next supports are at 7700, 7649, 7580 and 7222. It may also be kept in mind that the F&O series for April will expire on April 28 2016 which may tend to make the markets choppy and volatile.
The day traders may go long if the Nifty trades above 7907 in the opening hour to book profit at 7938. However, if it trades below 7892, they may short it to cover at 7871. A gap up or gap down may be watched to see whether the gaps settle above 7907 below 7892.
The short-term traders may close all their positions in the April series in the opening moves and may consider going long in May series by way Futures it Options with stop loss at 7700.
The mid-term investors may consider selling HDFC Bank at 1115.85.
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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