The benchmark index in particular and the overall market in general might perform a bit more from here with the immediate support of Nifty being at 8529 and thereafter at 8405, 8180 and 8050. The immediate resistance for Nifty is at 8562 and thereafter at 8590, 8616 and 8662.
The day traders may go long in Nifty if it trades above 8562 for a target of 8590/ 8616. On the flip side, they may short the Nifty if it trades below 8529 to cover at 8502/ 8492.
The short-term traders may continue trading on long side raising their stop loss to 8460 and start booking profits around 8590, 8616 and 8662.
The mid term investors may consider going long in Ambuja Cement at 261.05 for a target of 269.40 (stop loss at 256.75), Hero Motors at 3192.40 and 3170.90 in small quantities, Indusind Bank at 1114.65, ITC at 247.95 and 241.30 in small quantities, Kotak Mahindra Bank at 769.45 and 755.35 in small quantities and Yes Bank at 1156.55 and 1137.05.
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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