Our view of the market remains just like it was in our previous post i.e. the markets in general and the benchmark index Nifty in particular is expected to be weak in the upcoming session with immediate support for the Nifty at 8599. The resistance is at 8665. If the support of 8599 gets broken then the index will gravitate towards 8545 and 8324. On the other hand, if the resistance of 8656 is conquered then the next resistances are at 8745 and 8792.
The day traders may consider going long in Nifty futures if the spot Nifty trades above 8640 to book profit when spot Nifty trades at 8667. They may however consider going short in Nifty futures if the spot Nifty trades below 8635 to cover when the spot Nifty is at 8603.
The short term traders and mid term investors may continue to wait and watch in the sidelines as no clear picture is emerging as yet.
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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