We had noticed a strong undertone on the
basis of which we had predicted a breakout in our previous post, which did happen, taking the benchmark
index to as high as 7563 before it closed at 7203.
The intra-day traders may go long if the
nifty trades above the 7172 mark with stop loss at 7165 to book successive
profits at 7300 and 7335. However if the nifty somehow slips below the 7165
mark then they may open shorts with stop loss at 7190 to book successive
profits at 7142 and 7125.
Short-term traders too may play on the
long side and even add new longs in case of weakness with stop loss at 7165.
They may, however, square off their longs around 7298 levels and bid for Nifty
7400 puts of May 2014 at Rs. 163 per lot.
Mid-term investors may bid for Bank of Baroda at 899.55 and 873.90
and HCL Tech at 1312.95 in small quantities and continue selling the non
performers in their portfolio in every rise.
(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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