The benchmark index as well as the market in general seems to have gone for a bit of downside. The immediate support is at 7795 which if broken may see further weakness set into the market which will drag it down to 7698 levels which happens to be the next support. Supports thereafter are at 7629 and 7271.
However if the Nifty trades above 7810, then the day traders may go long in Nifty to book profits at around 7840 and 7880 as the case may be. Otherwise they may go short to cover it at 7765.
The short-term traders may continue to short the Nifty with stop loss at 7920 with a possible target of 7700.
The mid term investors may continue to trade as indicated in our weekly post. (click on this link for the weekly post).
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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