As we had indicated in our weekly post, the bulls are not lost. The immediate support for the benchmark index is at 8930. The immediate resistance is at 8950.
The day traders may go long in the Nifty if it trades above 8950 for a target of 8975/ 9000. They may short the Nifty if it trades below 8930 to cover at 8915.
The short term traders may consider going long in Ambuja cement with stop loss at 275 for a target of 282.35 and Hindalco with stop loss at 157 for a target of 165.25. They may continue to ride Nifty and add further long positions at around 8900 levels with stop loss at 8830.
The mid term investors may consider offering L & T at 1574.75 and Lupin at 1651.15.
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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