The Nifty did manage to hold the 6714 support in the last
trading session albeit on closing basis, which is the only positive takeaway.
The 6714 mark continues to be the deciding point for the immediate trend, a
breach of which may lead to creation of fresh shorts in the market. Otherwise
the market will consolidate in today’s session. It will turn bullish only if
the resistance of 6778 is conquered conclusively with good volumes.
Intra-day traders may short the Nifty if it breaks the support
of 6714 and trades for more than an hour below 6710 and book successive profits
at around 6690 and 6648. They may go long only if the Nifty trades above the 6752
mark with stop loss at 6724 to book successive profits at around 6775 and 6793.
Short-term traders may initiate fresh shorts if Nifty trades
below 6710 mark in the initial hour of trade with good volumes with stop loss
at 6714. Otherwise they may add longs with stop loss at 6710.
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 208.05 in small
quantities. They may also consider buying L&T in small lots at 1259.55.
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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