The Nifty bounced back above the resistance of 8642 thereby attracting bulls in the coming sessions subject to the benchmark index treading above the immediate support of 8580 in which case the next target should be 8716, 8745 and 8822. However, if the Nifty again breaks the support of 8580 then one may expect an all out weakness with further supports being at 8445 and 8225.
The day traders may go long in Nifty if it trades above 8655 for a target of 8696. They may however short the Nifty if it trades below 8625 to cover at 8585.
The short term traders may buy into weakness in Nifty with stop loss at 8580.
The mid term investors may consider selling Indusind bank at 1208.65.
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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