The supports for the week are at 7700, 7642 and 7271 and the resistances are at 7862 and 7872. It is further stated that all traders must exercise caution as the settlement of F&O series of May 2016 is due on May 26 2016 and therefore the erratic movement and volatility cannot be ruled out.
The day traders may go long if the Nifty manages to stand above the 7770 mark in the wee hours of trade today to book profits at 7790. They may short the market if it trades below 7755 to cover at 7720.
The short-term traders may go long if the index trades above 7790 for a target of 7850. They may however short the nifty if it trades below 7700 for a target of 7642.
The mid term investors may consider buying HDFC Bank at 1118.75 and 1091.65 and Grasim at 4167.25 in small quantities.
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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