That the Nifty did not break the support of 8705 on closing basis is the only ray of hope, otherwise it may best be construed that the fall has paused for a while i.e. unless and until there is a bounce back in the upcoming session or the next, which must take the benchmark index to above the resistance of 8865.
The day traders may go long in Nifty if it trades above 8720 for a target of 8768. They may short the nifty if it trades below 8715 to cover at 8795,
The mid term investors may add long positions if the Nifty weakens with strict stop loss at 8547.
The mid term investors may consider buying Birla SL Frontline Equity (growth) in equal tranches at these levels and every time the Nifty goes down by a hundred or more points.
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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