The supports for spot Nifty are at 8547, 8325 and 8194. However if the support of 8547, which has hitherto held on closing basis, is breached then the Nifty in particular and the market in general will go into a prolonged period of consolidation with negative bias involving sudden deep cuts and sell offs as it will gravitate towards 8325 and 8194.
On the other hand the resistances for spot Nifty are at 8668, 8705, 8759 and 8805.
The day traders may go long in Nifty if the spot Nifty trades above 8592 for a target of 8622. They may short the Nifty if the spot Nifty trades below 8563 to cover when the spot Nifty is at 8542.
The short term traders may play keeping in mind the resistances and supports indicated ibid.
The mid term investors may consider adding LICHFL at 568.05, Zee Entertainment at 524.35, Kotak mahindra Bank at 752.15 and HDFC Bank at 1240.55- 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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