The undertone continues to be bullish but in the immediate term, one may
expect a bit of weakness.
The intra-day trade depends on which side of the 6845 mark the
Nifty trades today with good volumes in the initial hour of trade.
Intra-day traders may short the Nifty if it trades for more than
an hour below 6845 and book successive profits at around 6834, 6805 and 6782
with stop loss at 6850. Otherwise, they may go long with stop loss at 6834 to
book successive profits at around 6860, 6878 and 6897.
Short-term traders may take long positions in Nifty in case of
weakness with stop loss at 6740. In case if the Nifty remains bullish, they may
consider forming short positions by placing bid for a few lots at 265.05 in Nifty
7000 put of May series.
Mid-term investors may consider selling the non-performers in their portfolio in
case if the index remains bullish today. They may also consider selling 10% of
their holdings in L&T by placing their offer at 1428.85 for today. They may
consider buying Bank of Baroda at 773.30, Coal India at 293.05 all in small
quantities.
(Feel free to write to us for our free advice
regarding the stocks which you already hold in your portfolio. Kindly send the
quantity and price at which you bought the non-performers. Much better,
subscribe by email. It is free. And, what is more, we do not disclose your IDs
or portfolio.)
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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