It was a deep cut in the previous trading session when the benchmark index Nifty went below the rock support of 8547 but the same remained unbroken on closing basis. It remains to be seen if the selling sustains in the next trading session to breach this level. The supports below 8547 are at 8324 and 8194, the prices of our key stocks will become attractive near these levels.
The day traders may go long if the Nifty trades above 8595 for a target of 8640. They may go short if it trades below 8556 to cover at 8532.
The short term traders may go short with stop loss at 8670.
The mid term investors may place bids for HDFC Bank at 1253.80 and 1230.65, Kotak Mahindra Bank at 762.15 and 743.30 and Zee at 521.95- all in small quantities.
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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