nifty technicality for 17-8-15

THE TECHNICALITY · Resistances on NIFTY are 8531 / 8556 / 8622. · Support Levels for NIFTY are 8497 / 8468 / 8429. · A bounce back after a severe decline was off course expected as mentioned in my Friday's issue. · However, the quantum of an upward spurt was violent enough. Unless & until 8622 is not achieved in the next 2 days, we will remain in the 2nd corrective of decline for sure. ·

THE OUTLOOK · Unless & until 8622 is not achieved it is better not to hold any bull side positions in the index. · Some sectors indicate an upward spurt while some indicate weakness, which may invite volatility. · Option traders get in action. But be very careful while selecting the strike price. · Stock specific options would be the most rewarding, although keep a check on the liquidity before selecting any stock option. · Banking & Auto sector would be in the limelight for tomorrow. · Good Luck.