The resistances and supports continue to be those specified in our weekly post (click on this to view the weekly post)
Going by previous trading session, it is quite evident that the trend is bullish albeit with a pinch of fear and doubt. The benchmark index kept on bobbing with a weak but positive bias being led primarily by the cement, auto and old economy stocks. However, banks which have a high weightage in the index continued to be major drags.
Going forward, the benchmark index must trade above 8190 in order for it to be able to conquer the immediate resistance of 8206. On the other hand, the Nifty must trade below 8159 in order to slide towards the support of 8015.
The day traders may go long in the Nifty futures if the spot Nifty trades above 8180 with good volumes with stop loss at spot nifty's 8165 to book profit in futures when the spot trades around 8206. Likewise, they may short the futures if the spot nifty trades below 8170 with good volumes with stop loss at spot nifty's 8180 to cover at 8159.
The short term traders may continue to add long positions in case of weakness with stop loss at spot Nifty's 8015 and add further longs if the resistance of 8206 is conquered.
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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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