The technical indicators are signalling a major upmove in the short term with 16 of the 50 stocks comprising the benchmark index nifty hitting their 52 week high.
The immediate support of Nifty is at 8916 with further supports at 8835, 8695 and 8540.
The immediate resistance is at 8980 and then at 9010 and 9075.
The day traders may go long if the Nifty trades above 8915 for a target of 8980. However if it trades below 8905 they may short the index to cover at 8880.
The short term traders may add long positions in Nifty and raise their trailing stop loss to 8830.
The mid term investors may consider selling the non performers i.e. the loss making shares in their portfolio.
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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