The Nifty broke below the support of 6714 and so behaved quite
in expected lines. The next support for Nifty is at 6605 and one can expect to
be optimistic as long as this support holds in the immediate term and the index
may bounce from around this level. However, if this support is breached then we
will enter into an intermediate bearish mode. Otherwise the market will
consolidate with immediate resistance at around the 6745 mark.
The intraday trade is expected to be weak and by and large
depends on which side of the 6700 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 6700 and book successive profits at around 6640 and 6610 with
stop loss at 6705. They may go long only if the Nifty trades above the 6700
mark with stop loss at 6685 to book successive profits at around 6725 and 6756.
Short-term traders may cover their shorts at around 6610 level
and initiate fresh shorts if Nifty conclusively breaks the support of 6605. They
may consider going long only if Nifty trades above 6760.
Mid-term investors may consider buying Ambuja Cement at 195.80 in small
quantities. They may also consider buying Tata Motors at 400.30.
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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