The Nifty is in a bullish mood as it absorbed all the profit booking pressure and closed above 8700. The immediate support is at 8641 and the index will continue in its upward march if it manages to remain above 8641.
The day traders may go long if the Nifty trades above 8715 for a target of 8736 or 8753 as the case may be. On the flip side they may short the index if it trades below 8705 to cover at 8685.
The short term traders may add longs in Nifty with stop loss at 8600. They may also consider going long in Hindalco with stop loss at 143 for a possible target of 162.25 which we will revise if it remains bullish in a subsequent post. But stop loss should be strictly adhered to.
The mid term investors may consider buying ITC at 246.15 and Yes Bank at 1257.05 and 1248.70 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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