Once again a breakout seems imminent,
possibly on the upside, as the bullish undertone continues to be strong. But it all depends much on whether the immediate resistance of 7657 (the resistance indicated in our previous post was 7657; Nifty was stopped at 5658 yesterday) gets conquered conclusively.
Intra-day traders may go long if the
Nifty trades above 7630 mark conclusively in the initial hour of trade with
stop loss at 7615 and book profits at around 7670 and 7695. If, however, it
trades above 7698 then they may ride it till 7749. However, if the benchmark
index trades below 7630 in the initial hour of trade then they may short the
Nifty with stop loss at 7639 to book profits at around 7610 and 7574.
Short-term traders may continue to ride
long positions and may consider adding further positions in case of weakness
with stop loss at 7570.
Mid-term investors may consider selling
the non-performers in their portfolio and also consider adding ONGC at 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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