As indicated in our previous post the
new high was sold into and buying emerged with weakness. The intraday traders following
this blog might have made a killing both ways, i.e. both on the upswing and
downswing.
The bullish undertone continues to be
strong.
Intra-day traders may go long if the
Nifty trades above 7628 mark conclusively in the initial hour of trade with
stop loss at 7610 and book profits at around 7657 and 7688. If it holds above
7657 in the wee hour then they may play on the long side with stop loss at
7638. However, if the benchmark index trades below 7610 then they may short the
Nifty with stop loss at 7639 to book profits at around 7577.
Short-term traders may continue to ride
long positions and may consider adding further positions in case of weakness
with stop loss at 7570. They may also consider buying lots of 7800 Puts of
Nifty of June series by placing bid at 88.75.
Mid-term investors may consider selling
the non-performers in their portfolio and also consider adding ONGC at 408.05, L&T at 1694.05 and Tata Steel at 507.65 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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