Prashant Mittal of Ambit says the Nifty has been consolidating in a range capped at levels near 8,300 ever since the index out of the resistance at 8,000 levels in end-May 2016.
In spite of a sharp gap down opening last Friday on the back of the 'Brexit' verdict, the index managed to respect the 8,000 levels and has moved up smartly from those levels, he added.
He further says going forward, he expects these levels to continue acting as significant support for the index in case of any correction and for the index to resume its upmove.
On stocks, Mittal initiates fresh shorts on Mahindra & Mahindra and fresh longs on Idea Cellular whilst continuing with shorts on Zee Entertainment and Hindustan Zinc and longs on Ashok Leyland. He advises exiting longs on HCL Technologies.
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