The technical parameters of the market do not augur well for the index in particular or the market in general in the immediate future. Even if short covering may bring about a rise in the index in immediate term. The support for Nifty is at 8140 and 8075/8043. The resistance is at 8188, 8217 and 8338.
The day traders may short Nifty futures if the index trades below 8160 to cover at 8108. The may go long in Nifty futures if the index trades above 8188 for a target of 8212.
The short term traders may consider the Nifty as a sell on rise in the immediate future unless it conquers the resistances specified ibid.
The mid term investors may consider buying Hindalco at 173.60 in small quantitiy.
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.
The Nifty50 has slipped below 10,750 mark led by losses seen in RIL, HDFC, ITC and Tata Motors.
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