The benchmark index could not conquer the resistance of 8385 and therefore weakened in the previous session. The immediate resistance for Nifty is now at 8368 and bulls will return only if this level is crossed with volumes. Otherwise, Nifty will weaken and decline further to the support of 8285.
The day traders may short the Nifty with stop loss at 8350 to cover at 8285. They may go long only above 8368 for a target of 8390.
The short term traders may continue to short the Nifty at higher levels in small lots.
The mid term investors may consider buying Ambuja Cement at 248.65, Hero Motor at 3068.35, Indusind Bank at 1080.55- 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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