Although the Nifty managed to conquer the crucial resistance of 8243 in the previous week yet the technical parameters of the benchmark index are not as convincing for the bullish move to continue. Moreover there are no leaders too strong to drive it much beyond from here. That being said, 8243 is now the crucial support that must hold for the bulls to be in action.
It may also be kept in mind that the stock exchanges will remain closed on July 6 2016.
It may also be kept in mind that the stock exchanges will remain closed on July 6 2016.
The immediate resistance is at 8345 and 8385 and therefore the day traders may go long if the Nifty trades above this mark with stop loss at 8330 for a target of 8380. On the other hand they may short the nifty if it trades below 8320 to cover at 8285.
The short-term traders may, in case of up move add short positions in small lots at around 8400.
The mid term investors may continue selling Asian Paints at 1010.15, Goldman Sachs Bank ETF at 1842.27, Grasim at 4695.65, Hero Motors at 3199.35 and LICHousing at 509.65- 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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