A breakout did come in the last trading
session albeit in the negative once the Nifty dipped below the support of 7630
and those who traded as per our guidance must have made good profits.
The benchmark index seems to have
entered an intermediate bearish trend unless and until it bounces back in today’s
trading session and conquers the immediate resistance of 7620. Otherwise it is
headed towards the immediate support of 7490.
Intra-day traders may go long if the
Nifty trades above 7584 mark conclusively in the initial hour of trade with
stop loss at 7557 and book profits successively at 7617 and 7630. If, however,
it trades above 7639 mark then they may open fresh long positions. However, if
the benchmark index trades below 7578 then they may short the Nifty with stop
loss at 7585 to book profits at around 7490.
Short-term traders may take fresh shorts
in case the Nifty goes up with stop loss at 7620 to cover them at 7490. If the
Nifty goes below 7490 mark conclusively
then they may add fresh shorts to cover
them at around 7415.
Mid-term investors may consider adding Tata
Steel at 507.70 and L&T at 1625.45 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.
No comments:
Post a Comment