The nifty struggled to cross the resistance of 8656 and finally weakened failing in its attempt. The support is now at 8620 and 8595. On the flip side the resistance is at 8652/ 8656.
The day traders may go long in Nifty if it trades above 8642 for a target of 8670. They may on the other hand short Nifty if it trades below 8620 to cover at 8595.
The short term traders may consider going long in Hindalco with stop loss at 145 for a possible target of 164.65.
The mid term investors may stay on the side lines.
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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