Indian Markets for May 11 2016

The Nifty behaved as expected in our previous post. We continue to expect the benchmark index to move towards the next resistance of 7950. 

The intraday traders may however go long with strict stop loss at 7865 with a target of 7910. They may short nifty only if it trades below 7850 in which case the immediate support is at 7814.

The short term traders may continue on the long side and raise their stop loss to 7850. The target continues to be 7950.

The mid term investors may offer Asian Paints at 914.85, Grasim at 4297.20, HDFC Bank at 1154.25 and Goldman Sachs Nifty ETF at 807.57- all in a tranch of 10% of their entire holdings in the counter.

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.