As expected, the resistance of 8243 did hold although in a few occasions the Nifty did manage to surpass it. The immediate resistance is now at 8244 and the bulls will come to fore only if the Nifty manages to trade above 8244 above which the resistances are at 8304, 8345 and 8380.
The support is at 7935 and unless the index trades above 8200, we expect nifty to gradually gravitate towards 7935 in the coming sessions. However, if it trades above 8200 then the resistances are at 8244 and then at 8304, 8345 and and 8380.
The day traders and short-term traders may trade accordingly.
The mid term investors may consider adding HDFC Bank at 1155.75 and 1102.05.
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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