The market has suddenly assumed a bullish upsurge in the previous
session. However, we are not yet convinced and see a bit of a correction soon
enough and ascribe the bullishness to the impending settlement of the April
Futures and Options series due on April 24 2014.
That being said, the intra-day trade depends on which side of the 6819 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 6810 and book successive profits at around 6796, 6775 and 6760
with stop loss at 6822. Otherwise, they may go long with stop loss at 6806 to
book successive profits at around 6835 and 6850.
Short-term traders may wind up their long positions in the
current series and consider forming short positions by buying 6900 puts of May
series if Nifty trades above 6875 mark by placing bid for a few lots at 211.35
and 191.95 respectively.
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 1405.95 for today. They may
consider buying HDFC Bank at 699.95 and Tata Motors at 418.80 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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