Yesterday’s trading session saw bulls
retreating as the resistance of 7620 remained unconquered, and the benchmark
index fell down to 7515.50 before closing at 7558, which signifies that we are
not out of the woods yet. A bit of volatility in either direction trapping
bulls and bears alike cannot be ruled out in the immediate term and more so in
light of the settlement next week.
Intra-day traders may go long if the
Nifty trades above 7584 mark conclusively with stop loss at 7572 and
book profits successively at 7603 and if it trades above 7620, then they may unwind their
longs at 7642. However, if the benchmark index trades below 7551 then they may short
the Nifty with stop loss at 7578 to cover shorts at around 7519 and 7494.
Short-term traders may get out of all
their positions today in the current June series and start taking positions in
the July series. They may go long if the benchmark index weakens down to the 7490
mark with stop loss at 7415.
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 them. 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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