The nifty has weakened considerably yet the support of 8705 has held so far.
The day traders may go long only if the benchmark index trades above 8750 for a target of 8785. They may short the Nifty if it trades below 8705 to cover at 8655.
The short term traders may go long in October series if the spot Nifty trades above 8705 i e they may peg their stop loss at 8705. They may however wait and watch throughout the day and only go long if the support of 8705 holds. Otherwise they may stay away.
The mid term investors may wait and watch for if the support of 8705 is breached then fresh opportunities will crop up at attractive offers.
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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