The breakout albeit into the negative
territory, as we had predicted in our earlier post, turned out to be true. Any
hopes for return of bulls will be dashed if the Nifty does not conquer the
resistance of 7275, in which case we are headed towards 6969 in the intermediate
term.
With that in mind, the intra-day traders
may go short if the Nifty trades below the 7234 mark with stop loss at 7256 to
book profits at 7182. However if it trades above the 7250 mark conclusively, then
they may go long with stop loss at 7238 to book profit at 7275.
Short-term traders may short the market
if Nifty does not conquer the resistance of 7275 conclusively.
Mid-term investors may just wait and
watch.
(Feel
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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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