The readers of this blog might have seen how exact we were in
predicting a downside in Nifty on April 25 in our previous post.
The market will continue to be weak in the intra-day trade if the
Nifty trades below 6800 in the initial hour of trade. However, if the Nifty
breaches the key support of 6740, then it will be headed towards the 6621 mark,
in which case fresh shorts will be formed in the system dragging it further
down in the coming sessions too. However, if the Nifty trades above the 6832
mark with good volumes then one may see it go further up towards new highs.
That being said, the Intra-day traders may short the Nifty if it trades for more than
an hour below 6800 and book successive profits at around 6845, 6732 and 6711 with
stop loss at 6812. Otherwise, they may go long with stop loss at 6800 to book successive
profits at around 6840, 6870 and 6988.
Short-term traders may take long positions in Nifty in case of
weakness with stop loss at 6740. They may also consider going long in Coal
India with strict stop loss at 293.
Mid-term investors may consider selling the non-performers in their portfolio in
case if the index remains bullish today. They may consider buying Bank of
Baroda at 793.15, Ambuja Cement at 206.60 and Lupin at 963.55 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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