Please check our weekly post for a broader idea of supports and resistances to make a short-term bet.
Our immediate resistance for Nifty, the benchmark index continues to be at 8206 and unless and until this level is conquered, market in general will continue to consolidate without much of an advance. Likewise, the immediate support for the ensuing session is at 8175 which if broken will see Nifty slide down, 8018 being the new support.
The day traders may go long in Nifty futures if the spot nifty trades above 8187 with good volumes for a target of 8225 of spot nifty. They may short the nifty futures if the spot nifty trades below 8175 to cover the shorts when spot Nifty trades at 8138.
The short term traders may continue to add long positions if the Nifty weakens raising their stop loss from 8015 to 8018. They may add more positions if the spot Nifty conquers 8206 with volumes.
The mid term investors may consider subscribing to this post so that any opportunity we detect will reach them via e-mail as and when it occurs.
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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