But for the settlement of the June
Future and Options series, which is due on June 26 2014 and the technical
indicators still indicating a bit of lag, the benchmark index did turn in
favour of the bulls in the previous session. It cannot therefore be safely
assumed that we are out of woods yet, even though the bullish structure is
intact. Volatility cannot be ruled out either.
7605 must act as an immediate resistance and 7496 as support. Beyond
these points the nifty will spike up or down respectively.
Intra-day traders may go long if the
Nifty trades above 7568 mark conclusively with stop loss at 7549 and book profits
successively at 7601 and 7631. However, if the benchmark index trades below 7549,
then they may short the Nifty with stop loss at 7562 to cover shorts at around 7499.
Short-term traders following our advice in
previous posts must be riding huge profit making positions. They may continue
to add long positions in the July series raising their stop loss to 7495.
Mid-term investors may stay away from
the market today.
(Feel
free to write to us for our free advice regarding the stocks which you
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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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