The markets were inconclusive in the previous session and therefore nothing can be stated with precision regarding the immediate direction of move in today's session. However, the market as a whole continues to be in an uptrend with the banking sector expected to outperform again, albeit after a little bit of cooling.
The day traders may go long in Nifty only if it trades above 8170 with a target of 8200. if it trades below 8150 then they may short the market to cover at 8103. However, they may stay away if it opens gap up and watch where it trades after an hour or so.
The short-term traders may add long positions for a possible target of 8240 with stop loss at 7900.
The mid-term investors may consider placing bid for ITC at 338.35, 33.80 & 328.20 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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