The immediate resistance for the benchmark index is at 8160 and the immediate support is at 8120. the direction of the market mostly will depend on which side of the above mark the Nifty trades. It will remain bullish above 8160 and bearish below 8120. However, we expect a bullish start but unles and until there is buying in the banks which are the only leaders in the market, one may expect the profit booking to set in in the market at around the index levels of 8240 and 8320.
On the flip side, if the Nifty trades below 8120 consistently with good volumes and on closing basis on more than one occasion, then bears will take command and there may be a sudden meltdown with the lower limit being around 7937.
The day trades and short term traders may trade accordingly. Short term traders may also consider going long in Zee with stop loss at 435 for a possible target of 475.
The mid term investors may consider buying Yes bank at 1053.05, Hero Motors at 2974.35 and 2753.85 and Grasim at 4254.30 and 4134.55- all 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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