As the settlement day nears, the range of Nifty has narrowed down to 8600 on lower side and 8700 on upper side and if either of these is broken, there will be a large upset. The upside break will see short covering that will propel Nifty towards 8800 in a hurry. Similarly if the Nifty breaks the 8600 support it will see a sharp sell off to 8500.
The day traders may go long if the Nifty trades above 8657 for a target of 8670. However if it trades below 8627, they may short the Nifty to cover at 8600.
The short term traders may consider going long in Ambuja cement with stop loss at 269 for a target of 280.20.
The mid term investors may consider buying Zee Entertainment at 496.80 and 493.85 and Hindalco at 151.55 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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