Our outlook continues to be bearish for intermediate term. As for the immediate term the direction of trade depends on which side of the 6733 mark the Nifty trades in the initial hour. The support for Nifty continues to be at 6624 which should be the intermediate target if the benchmark index remains below 6733.
The intraday traders may trade accordingly and go short if Nifty trades below 6733 in the initial hour of trade to book successive profits at 6692 & 6666 with stop loss at 6745. Otherwise they may go long with stop loss at 6723 to book successive profits at 6745 & 6765.
Short-term traders may continue trading on short side if Nifty shows of an upmove with stop loss at 6810.
Mid-term investors may bid Bank of Baroda at 778.75 & Ambuja Cements at 197.15.
The intraday traders may trade accordingly and go short if Nifty trades below 6733 in the initial hour of trade to book successive profits at 6692 & 6666 with stop loss at 6745. Otherwise they may go long with stop loss at 6723 to book successive profits at 6745 & 6765.
Short-term traders may continue trading on short side if Nifty shows of an upmove with stop loss at 6810.
Mid-term investors may bid Bank of Baroda at 778.75 & Ambuja Cements at 197.15.
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