The Nifty did struggle with the resistance of 8279 that we had stated in our previous post and it cannot be predicted with certainty that this resistance was conquered conclusively merely on the basis of last hour move.. In order for the index to be bullish, it must trade above 8280 in the ensuing session as it now happens to be both the support as well as resistance for the day. We can however safely conclude that a sharp downfall or uptick cannot be ruled out, again due to lack of any leadership. The resistance is still at 8329 and support is at 8209.
The opportunity for the short term traders and mid term investors will be posted soon as it occurs and therefore we reiterate that the readers of this blog may subscribe through e mail and any opportunity as and when it crops up will reach the reader's inbox.
The day traders may however go long in Nifty futures only if the spot Nifty trades above 8282 and holds above this level in the initial half hour of trade, in which case they may book profit when the spot Nifty reaches 8330. They may short the Nifty futures if the spot Nifty trades below 8255 to cover their shorts when the Nifty reaches 8215.
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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