It may be kept in mind that the Indian Stock markets will remain closed on 5 Sept 2016 and 12 September 2016.
The resistance for the benchmark index Nifty is at 8835 and then at 8858 and 8885. The support is at 8789 and then at 8755, 8724 and 8650. The Nifty is expected to remain bullish if it conquers the resistance of 8835 and it might turn bearish if it breaches the support of 8650.
The day traders may go long if the Nifty trades above 8800 for a target of 8835. They may short the Nifty if it trades below 8789 to cover at 8755.
The short-term traders may ride their long positions with stop loss at 8650.
The mid term investors may consider placing bid for Zee Entertainment at 519.65, Kotak Bank at 802.55, Indusind Bank at 1167.85 and Ambuja Cement at 269.80 and 254.65- all 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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