There may be a little more upside although the
momentum of the bulls will wear out a bit. The trade today depends much on
which side of the 7120 mark the Nifty trades with good volumes in the initial
hour of trade. However, a gap up or a gap down opening will result in
consolidation throughout the day with the benchmark index gyrating towards the
previous close which was at 7108.75.
With that in mind the intra-day traders
may trade accordingly, i.e. play it long if Nifty trades above 7120 mark with
good volumes with stop loss at 7110 to book successive profits at 7137 and
7168. However, if it trades below 7095 then one may short the index with stop
loss at 7112 to book successive profits at 7082 and 7055.
The short-term traders may bid for lots
of the May series Nifty 7200 Put Option at 197.65 in case if Nifty goes up
further. They may also consider going long on Bank of India at 265.05 with strict stop
loss at 257 to book profits at 289.35.
Mid-term investors may continue selling the non performers in
their portfolio.
(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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