Thee immediate support for the benchmark index is now at 7956 below which, we have a series of new support points at 7880, 7863, 7764, 7695 and 7337. On the upside the immediate resistance is at 8240 which if conquered may propel Nifty towards new highs. However, as of now we do not see much of an upside this week beyond the resistance of 8240 and chances of profit booking from the 8240 levels cannot be ruled out.
The intraday traders may go long if the index trades above 8135 for a target of 8185. They may go short if it trades below 8130 to cover at 8105.
The short term traders may consider playing it on the long side with stop loss at 7880 for the target of 8240. They may also go long on Zee with stop loss at 445 for a target of 481.35.
The mid-term investors may continue selling HDFC Bank at 1205.6 and Goldman Sachs Nifty ETF at 838.20 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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