After three days of failure, the Nifty did manage to conquer the stiff resistance of 8206, though the breakout is yet to be confirmed as the market still seems to be on a weak fool, owing primarily to lack of clear leadership; the high weight-age bank stocks are still weak. The immediate resistance for the ensuing session is at 8279 and immediate support is at 8255.The broader resistances are at 8329, 8415 and 8458. The support is at 8209 and 8051. However, wild swings in either direction cannot be ruled out for during the course of the week. A sharp fall cannot be ruled out. One ought to trade with caution.
The day traders may consider going long in the ensuing session if the spot nifty trades above 8279 in Nifty futures to book profit when the spot Nifty is at 8319. They may short the Nifty futures if the spot Nifty trades below 8255 to cover when the spot nifty trades at 8215.
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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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