As stated in our weekly post there does not seem to be much of a headroom from these levels as the signals are indicating that it is mostly the momentum that is pushing the market up north and sooner or later it will get tired.
The immediate resistance for the day is at 8385 and the day traders may go long only if the benchmark index, Nifty trades above this mark with stop loss at 8375 for a target of 8410. They may however short the index if it fails to hold above 8370 to cover at 8345.
The short term traders may short the nifty at around 8425 in small lots.
The mid term investors may consider buying Ambuja Cement at 248.65.
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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