The immediate resistance for Nifty is at 8216 and the immediate support is at 8171. The direction of market is not clear and mostly will depend on whether it trades above 8216 in which case the traders may go long with stop loss at 8198 for a target of 8250 or 8285. If it trades below 8171 then they may short the nifty to cover at 8158 or 8120.
A word of caution is advised for the day on account of the settlement of F&O series of June, which expires on June 30 2016 and the jitters of which are expected to begin today itself. The short term traders may exit all their positions in June series and start trading in July series.They may go long in July series at around 8120 with stop loss at 8100 and go short around 8280 with stop loss at 8300 , i.e. play in the narrow trading band of 8120 to 8280; albeit in July series.
The mid term investors may consider adding Indusind bank at 1074.35 and Goldman sachs Bank ETF at 1760.89 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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