The Nifty did trade in the expected
lines as we had stated in our previous post taking support at 7487.55, our
stated support was at 7490. Those who traded as per our guidance must have
profited. However the markets remained inconclusive by the end of the session.
Intra-day traders may go long if the
Nifty trades above 7539 mark conclusively in the initial hour of trade with
stop loss at 7520 and book profits successively at 7555 and 7605. If, however,
it trades above 7620 mark then they may open fresh long positions. However, if
the benchmark index trades below 7510 then they may short the Nifty with stop
loss at 7530 to cover shorts at around 7490.
Short-term traders may short Nifty if it
goes up with stop loss at 7630 and cover the shorts again at 7490. Fresh shorts
may be opened if the benchmark trades below the 7480 mark conclusively with
good volumes to cover them at around 7415. However, they may go long if the
Nifty conquers the immediate resistance of 7620 conclusively with good volumes
and ride the longs.
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.
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