The direction of Nifty today depends on which side of the 6690
mark it trades in the initial hour. However, the technical charts suggest that
there might be a little more downside in the benchmark index. Otherwise this is
a structural bull market.
Intra-day traders may go long if the Nifty trades above the 6690
mark to book profits at around 6725. Otherwise,
they may go short with stop loss at 6728, in which case they may book profits
successively at around 6660 and 6620.
Short-term traders may go short with stop loss at 6735. However,
if the market trades above 6735 with good volumes and for longer period then
they may consider going long.
Mid-term investors may utilize any up-side to rid their portfolio
of non-performers.
In case
of weakness, they may consider buying Ambuja Cement at 197.45 in small quantities.
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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