Tips for traders and investors in the Indian Stock Markets for May 7 2014.

As we had mentioned the Nifty did consolidate with a weak sentiment.
The intra-day traders may go long if the benchmark index trades above 6727 with stop loss at 6720 to book successive profits 6735, 6756 & 6785. However if the Nifty trades below 6708 then they may go short to book profits at 6698, 6682 & 6659 with stop loss at 6715.
Short term investors may cover their shorts at lower levels.
Mid-term investors may consider buying Bank of Baroda at 791.20 & 778.75 in small quantities.