We are not out of the woods yet and the weakness is expected for a bit longer before things will turn for better.The benchmark index has been trading within the narrow trading range of 8250 on the upper side and 8150 on the lower. However, there may be a breakout from the current range (the direction yet unclear) or there will be a wider range from the immediate session.
The day traders may go long in Nifty futures if the index trades above 8170 for a target of 8219 of spot Nifty. They may short the Nifty future if the index trades below 8138 to cover when the index is at 8112.
The resistance is at 8219, 8338 and 8467. The support is at 8140, 8075 and 8053. The short term traders may trade accordingly.
The mid term traders may consider buying in Birla SL Frontline Equity (G) and SBI Blue Chip Fund (G) with an investment horizon of three years.
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.
Mangalam Organics to buyback 6.10 lakh shares (6.74% equity) at Rs230 each.
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