For as long as the benchmark index, Nifty trades above 8120, we consider the market to be in a consolidation phase waiting for some leading sector like Banks to trigger the bulls. However, if it slips below the key support of 8120, then the market in general will turn weak and head towards the target of 7937, even if not in a hurry.
On the other hand the immediate resistance is at 8236 and day traders may go long only if it trades above this point with stop loss at 8220 for a target of 8285. However below 8220, they may short the Nifty to cover at 8195.
The short-term traders may ride their longs and add new longs in case of eakness with stop loss at 8120 for a target of 8285.
The mid term investors may consider selling 10% of their holdings in LIC housing at 497.40 and buying Goldman Sachs Nifty Junior exchange traded fund at 199.71 and Hero Motors at 2992.65 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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