The market did consolidate in the
previous session as we had indicated in our previous post and closed flat. Bullish
headroom is very much still in place, though the benchmark index may consolidate a
little more in the immediate term with new highs being sold into and any
weakness being bought.
Intra-day traders may go long if the
Nifty trades above 7633 mark conclusively in the initial hour of trade with
stop loss at 7612 and book profits at around 7695 and 7718. However, if the benchmark
index trades below 7633 then they may play on the short-side with stop loss at
7639 to book profits at around 7598 and 7568.
Short-term traders may continue to ride
long positions and may consider adding further long positions in case of weakness
with stop loss at 7568. They may also consider buying lots of 7800 Puts of
Nifty of June series by placing bid at 105.75.
Mid-term investors may consider selling
the non-performers in their portfolio and also consider adding ONGC at 428.90
and 408.05 and L&T at 1694.05 in small quantities.
(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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