The Nifty did indeed tank as expected and unless there is a bounce back in the upcoming session, with the support of 8566 breached, we are headed towards 8450. If 8450 is taken out then one may mark the end of the current bull phase and the market will slip into the hands of bears for a short time and all trades will have a negative bias with steep cuts and deceiving bounce backs. The supports thereafter are at 8226 and 8096.
The day traders may short the Nifty if it trades below 8533 to cover at partially at 8505 and then if possible at 8470. They may play long only if it trades above 8570 for a target of 8590.
The short term traders may start building short positions in case of bounce backs with stop loss at 8642.
The mid term investors may wait on the side lines as we believe that quality stocks will be available at attractive rates after a session or two. If any opportunity arises intra-day, they may look for this space.
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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