Even after three trading sessions, the benchmark index, nifty, has been unable to conquer the resistance of 8206. Going by the session of January 4, it looks more likely that in the ensuing session, there must be a breakout from the narrow trading band we've been in for the last three days. Chances of a sharp up move in the coming session followed by a drop in the next and then consolidation again for a few more sessions for the good part of the January settlement cannot be ruled out, of course unless the resistance of 8206 is conquered with good volumes and the nifty closes above 8206 for at least the next two trading sessions.
The market behavior and its dynamics is mostly chaotic and uncertain yet small term opportunities arise from hour to hour and therefore we request the readers of this blog to follow us by e-mail so that any opportunity we detect during the course of a session will be directed immediately to their e-mail inbox.
That being said the day traders may go long in Nifty futures if the spot nifty trades above 8204 and unwind their position when the spot nifty touches 8224. They may short the Nifty futures if the spot Nifty trades below 8187 to cover when spot nifty touches 8154.
The short-term traders may exit their longs for the time being at 8204.
The mid-term investors may either keep checking this blog during the session or else follow us through e mail and get instant opportunities, as and when they arise, in their inbox.
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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