Our outlook for Nifty is that in order for the Nifty to remain bullish on Nov 28, it must stay above 8071 in which case it will encounter intra-day resistances at 8165, 8217 and 8310. Likewise, if it fails to trade above 8071, the immediate intra-day supports at 8020. Intra-day traders may trade accordingly.
For the short term traders, the supports for the Nifty are at 8017 and 7995 and the resistances are at 8338, 8424, 8467, 8520 and 8567.
The mid term investors may consider adding ITC at 226.15, HDFC Bank at 1171.45. Our revised target for Hindalco is at 192.65 with supports at 177.95, 175.45 and 172.05 and resistances at 183.95, 187.35 and 189.85. So one might consider adding Hindalco in case of weakness in the counter with stop loss at 167.
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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