The benchmark index did continue to remain weak in previous
sessions quite in expected lines. However, the only take away from the previous
session was that the Nifty did manage to stick its head above the key support
of 6740 which will remain as the deciding point for the immediate term. If it
breaches this support conclusively, then it will be headed towards the 6624
mark. However, if the Nifty trades above the 6824 mark with good volumes then one
may see it go further up towards new highs.
The Intra-day traders may short the Nifty if it trades for more than
an hour below 6770 and book successive profits at around 6745, 6732 and 6715 with
stop loss at 6780. Otherwise, they may go long with stop loss at 6755 to book successive
profits at around 6880, 6898 and 6820.
Short-term traders may take long positions in Nifty in case of
weakness with stop loss at 6740. However, below the 6740 mark they may play on
short side.
Mid-term investors may consider buying Bank of Baroda at 793.15, Ambuja Cement
at 196.70, Tata Motors at 400.10 and Lupin at 967.50 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,
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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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