For the benchmark index to resume its bullish move, the Nifty must trade above 8368 in the immediate session. The resistance thereafter is at 8405. On the flip side, the support is at 8107.
The day traders may go long only if the Nifty trades above 8347 in the opening hour with stop loss at 8338 for a target of 8370. They may short the Nifty below 8330 to cover at 8295.
The short term traders may add short positions in the index in case of strength with stop loss at 8405.
The mid term investors may bid for Hero Motors at 3044.75 and offer Lupin at 1782.10 both 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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