That the support of 8740 was not broken on closing basis bodes well for the market and therefore a fresh bout of an upmove may be expected in the session. with immediate resistance being at 8780.
The day traders may go long in Nifty if the spot nifty trades above 8765 for a target of 8785. They may however short the index if it trades below the immediate intraday support of 8760 to cover at 8720.
The short term traders may add long positions in Nifty raising their trailing stop loss to 8675.
The mid term investors may consider adding Zee to their portfolio at 553.25.
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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