The Nifty seems to be on the verge of breakout, the direction of breakout is not clear. The immediate support is at 8611 which if broken will see Nifty test the support of 8552. However, the undertone will remain bullish as long as Nifty holds above 8552. On the upper side the immediate resistance is at 8658 and if this resistance is conquered then the subsequent resistances are at 8685, 8700 and 8735 with a target of 8800.
The day traders may go long if the index trades above 8658 for a target of 8685. They may short the Nifty if it trades below 8645 and cover at 8611 or 8611 as the case may be.
The short term traders may add long positions in case of weakness with stop loss at 8552.
The mid term investors may consider going long in ZEE at 492.15 and 489.70 with strict stop loss at 486 for a possible target of 526.35. The may bid for Yes Bank at 1199 and 1181.55 in small quantities. They may offer Indusind at 1215.15.
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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