With the budget and consequent euphoria behind us, the day traders may go long in Nifty futures if the spot Nifty trades above 8702 in the opening hour and book profit when the spot Nifty is at 8739. On the flip side they may short the Nifty futures if the spot Nifty trades below 8655 to cover their shorts when the spot Nifty is at 8610. A gap up may be sold into as we see a bit of consolidation after another steep spike upwards. The resistances for the day are at 8739 or 8780. The short term target for Nifty seems likely to be 8843 but this is only tentative and still too early to predict. It is just for the guidance. The supports are at 8658, 8608 and 8581.
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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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