Nifty support at 8260; initiate fresh shorts on Titan: Ambit

Prashant Mittal of Ambit Capital says with the Nifty breaking out of the resistance near the 8,300 level, a reversal of the downtrend of the last few months has been put in place.

That said, the index is likely to witness some moderation in the near term due to a gap resistance in the zone of 8,460-8,530, he feels.

Mittal says, however, any downmove is likely to find support near the levels of 8,260 - denoting intermediate tops made between the double bottom formation.

On stocks, he advises initiating fresh shorts on Titan Company, while he continues with his long position on ACC. He advises booking profits on ITC longs.