Very much in expected lines, the resistance of 8243 did hold in the previous session as the selling pressure pushed the Nifty as well as the key stocks down south.
8243 continues to be an important resistance and if the Nifty conquers it with good volumes on closing basis, then the next resistances are at 8320 and 8516.
The immediate support is at 8183 which if broken may see Nifty tumble down to 8165, 7924 and 7901, though chances of a meltdown are less likely.
The index may either continue to march with bulls or at best consolidate with a positive bias.
The day-traders may go long if the index trades above 8230 to unwind their longs at 8275. If the Nifty trades below 8200, they may short it to cover at 8183.
All the gap ups may be sold into and all the gap downs may be bought into.
The short-term traders may go long only (i) if Nifty conquers the resistance of 8243; in which case they may open fresh long positions with stop loss at 8243 or (ii) if Nifty weakens; in which case they may open long positions with stop loss at 8165 for the target of 8243.
The mid term investors may consider adding banks to their portfolio in case of weakness. They may bid HDFC Bank at 1156.85 and 1101.65, Indu Sind Bank at 1067.65 and 1021.45 and Yes Bak at 1032.75 and 1001.65 in small quantities.
They may also consider selling Goldman Sachs Nifty ETF at 842.53 and 856.37 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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