We had seen it coming and so had advised the readers of this blog in our previous post to play on the short side. The Nifty indeed did tank going down to 6130.85 before closing at 6135.85 breaching our key support of 6142.
It remains to be seen whether the key support of 6142 remains breached today too, in which case we will be headed towards the next support of 5973, 5737 and 5614 in the next sessions. It may be kept in mind that the F&O of January will expire on January 30.
That being said, the direction of Nifty in today’s trades will depend on which side of the 6151 mark the benchmark index trades. Above 6151, it will meet resistances at 6172, 6210 and 6231 whereas below 6151, the supports are at 6114, 6093 and 6056.
Intraday-traders may play on the short side with stop loss for shorts at 6151.
Short-term traders may exit all their positions in January series and open short positions in February series with stop loss at 6210.
Short-term traders may exit all their positions in January series and open short positions in February series with stop loss at 6210.
Mid-term investors may wait and watch today and keep an eye open for a post from us during the day time, as in case if we think it is worth adding some stock to your portfolio, we will advise in a subsequent post.
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.
No comments:
Post a Comment