The Nifty behaved quite in expected
lines as it weakened down to 7441.6 but remained inconclusive as the support of
7490 remained unbroken on the closing basis. It may however be kept in mind
that the settlement of the June Future and Options series is on June 26 2014
and the benchmark index may turn volatile.
Intra-day traders may go long if the
Nifty trades above 7502 mark conclusively with stop loss at 7485 and book profits
successively at 7515 and 7543. However, if the benchmark index trades below
7466, then they may short the Nifty with stop loss at 7490 to cover shorts at
around 7445 and 7422.
Short-term traders may start taking long
positions in the July series in case of weakness at with stop loss at 7400.
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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