As we had predicted in our previous post, a
breakout did come taking Nifty below the key support of 7268, signalling a bit
of change in the medium term trend. What remains to be seen in today’s session
is whether the breaching of 7268 is confirmed, i.e. whether the breakout is
confirmed. If Nifty remains below the key support, then the breakout, albeit in
negative will be confirmed.
With that in mind, the intra-day traders
may go short if the Nifty trades below the 7238 mark with stop loss at 7256 to
book profits at 7100 and 7178. However if it trades above the 7268 mark conclusively,
then they may go long with stop loss at 7268 to book profit at 7286 and 7316.
Short-term traders may short the market
if Nifty slides below 7230 with volumes. Otherwise they may watch whether the
support of 7268 is breached conclusively or not. If not then they may start adding
long positions with stop loss at 7230.
Mid-term investors may just wait and
watch today.
(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.
No comments:
Post a Comment