The resistance of 8875 that we had specified in our previous posts remained unconquered. It may also be kept in mind that the expiry of F&O series of September 2016 is due on September 29 which may usher sudden deep cuts or sudden spikes to north. However broadly we expect the downside to be capped at around 8547 and upside around 9000. The immediate resistance is at 8865 and the immediate support is at 8809.
The day traders may go long if the Nifty trades above 8845 for a target of 8871. They may short the index if it trades below 8809 to cover at 8775.
The short term traders may exit all their positions in September series and start adding long positions in Nifty in October series in case of weakness with stop loss at 8706.
The mid term investors may consider adding Ambuja Cement at 254.60 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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