The immediate support of 8641 was breached in the previous session and therefore the bears have won an edge in the current tug of war. The Nifty is expected to loose some more ground but whether the bulls will make a comeback depends mostly on the support of 8455. The rock support for the current bullish bias is at 8233. If 8233 is taken out then the market will weaken and give up majority of its gains with no hope for the bull camp.
The day traders may go long only if the benchmark index trades above 8615 for a target of 8660. Otherwise they may short the index to cover at 8530.
The short term traders may utilize any rise to sell their long positions, ie if they still have longs and start making short positions with stop loss at 8675.
The mid term investors too may start selling all the key stocks we had advised them to buy and hold in every rise. The market, as of now, doesn't look like being in a buy in dips kind of trend.
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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