Those following our advice might have
noticed how effective our calculated supports, resistances and stop losses are
in deciding the immediate course of action. (Click here to see the previous post)
Today’s trades will decide the direction
of immediate trend with 7620 being the key point as this resistance was
conquered only in the closing hour of trade yesterday. If Nifty manages to
trade above this point conclusively today, then one may safely assume that the
bulls are back.
Intra-day traders may go long if the
Nifty trades above 7620 mark conclusively in the initial hour of trade with
stop loss at 7590 and book profits successively at 7672 and 7698. However, if
the benchmark index trades below 7575 then they may short the Nifty with stop
loss at 7595 to cover shorts at around 7558 and 7544.
It is understood that the short term
traders must have opened fresh long positions in Nifty as per our guidance in
the previous session. They may ride the longs with stop loss at 7575.
Mid-term investors may wait and watch
today and stay tuned to this blog for if we find any stock worth buying we will
publish in a subsequent post today.
(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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