The upside in the benchmark index indeed got capped, quite in line with our expectation in our previous weekly post. However, chances of early recovery from these levels cannot be ruled out indicating that the intermediate bottom is in place and the Nifty may aim for the resistance of 7872 which if conquered will see Nifty once again on an uptick with a possible target of 7956. However. if the Nifty slips below 7695 then the supports are at 7629 and then at 7271.
The day traders may go long if the Nifty trades above 7720 to book profit at 7765. However below 7794 they may short the Nifty to cover it at 7668.
The short-term traders may go long in Nifty in case of weakness with strict stop loss at 7600 for a possible target of 7850.
The mid-term investors may consider offering Asian Paints at 898.85. 907.65 and Goldman Sachs Nifty ETF at 808.69 and 818.78 in trenches of 10% each of their total holdings.
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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