The only positive takeaway from the
previous session was that the support of 7490 held, otherwise the market
remained weak.
We are at a critical juncture and any further weakness may lead
it towards the rock support of 7400. It can be safely assumed that the bull
structure is preserved unless and until the support of 7400 breached. Below
7400, however, one may expect the beginning of an intermediate bear market. On
the other hand fresh longs will appear if the Nifty conclusively conquers the
resistance of 7625 conclusively.
Intra-day traders may go long if the
Nifty trades above 7536 mark conclusively with stop loss at 7520 and book profits
successively at 7564 and 7599. However, if the benchmark index trades below
7508 then they may short the Nifty with stop loss at 7525 to cover shorts at
around 7490 and 7465.
Short-term traders may start taking long
positions in the July series in case of weakness at or below 7490 mark with
stop loss at 7415.
Mid-term investors may consider buying
Coal India at 380.70, ONGC at 407.70 and Tata Steel at 507.95.
(Feel
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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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