The benchmark index did manage to conquer the resistance of 8206 but we cannot conclude positively that we are out of woods. The next resistance for Nifty is at 8329 and 8415. The immediate support for Nifty is at 8246 which should remain unbroken for any hope for the bulls. However if it breaks 8246 then 8206, which was earlier a stiff resistance will now act as a support. January 6 being the last trading session of the week, these two supports must hold for any chances for market to remain bullish.
The day traders may consider going long in Nifty futures if the spot Nifty trades above 8265 to unwind their longs when spot nifty is at 8295. They may short the Nifty futures if the spot Nifty trades below 8246 to cover when the spot Nifty trades at 8201.
The short term traders as well as mid term investors may consider following us through e mail so that any opportunity that arises will directly be relayed to their e mail 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.
No comments:
Post a Comment