The immediate support that the benchmark index should hold on closing basis, in order to avoid further carnage, is at 8712. Below 8712, the Nifty will plunge to 8547.
The day traders may go long if the Nifty trades above 8735 for a target of 8778. On the dlip side, they may short the Nifty below 8725 to cover at 8713.
The short term traders may capitalize on weakness by adding long positions in Nifty with strict stop loss at 8547.
The mid term investors may consider adding Hindalco at 142.4 in small quantity.
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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