The support for spot Nifty is at 8704, 8684 and 8594. The resistance is at 8724, 8745 and 8792.
The day traders may go long in Nifty futures if the spot Nifty trades above 8710 to book profit when spot nifty reaches 8745. On the flip side, they may short the Nifty futures if spot Nifty trades below 8704 and cover their shorts when spot Nifty reaches 8685. It is reiterated that they may trade in November Futures.
The short term trades may go long in case of weakness in Nifty futures with strict stop loss at 8594 of spot Nifty.
The mid term investors may consider adding Zee at 509.25 and Lic HFL at 594.55 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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