The tug of war in the last session ended in favor of bulls with the benchmark index closing above 8656. Now the immediate support is at 8656 which if broken will see Nifty to fall down to the next support of 8595. However if 8656 is not broken then the resistances for Nifty are at 8705, 8735, 8749 and 8780.
The day traders may go long if the nifty trades above 8656 for the target of 8705. They may however short Nifty if it trades below 8653 to cover at 8632.
The short term traders may go long with stop loss at 8650.
The mid term investors may stay away for the day as no clear picture is emerging.
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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