The support of 8740 was breached in the previous session yet the next support of 8651 held, which implies that there isn't much cause for worry for the bulls.
The day traders may go long if the benchmark index, Nifty trades above 8730 for a target of 8780. On the flip side they may short the Nifty if it trades below 8720 to cover at 8675.
The short term traders may consider adding long positions in Nifty, in case of weakness and otherwise with strict stop loss at 8675.
The mid term investors may consider adding Ambuja at 245.35, ITC at 228.45 and Zee at 545.75 - 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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