Contrary to our expectations in our previous post, the Nifty opened gap up and soared to higher levels with bulls in full command. If the Nifty manages to remain above 8382 in the ensuing sessions and the next, then a breakout from the current trading range will be confirmed.
The resistances for the index are at 8490, 8510 and 8555 and the supports are at 8455 and 8382.
The day traders may go long in Nifty if it trades above 8455 for a target of 8490 or 8510 as the case may be. They may however go short if it trades below 8445 to cover at 8405.
The short term traders may consider going long with stop loss at 8350.
The mid term investors may consider buying Ambuja Cements at 259.55 and Indusind Bank at 1110.60 and 1080.45.
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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