Once again, the only positive takeaway
was that the support of 7490 held in the previous session on the closing basis.
It may be remembered that as long as the rock support of 7400 holds, the
markets will remain in consolidation phase with a positive bias.
Intra-day traders may go long if the
Nifty trades above 7536 mark with stop loss at 7510 and book profits
successively at 7546 and 7579. However, if the benchmark index trades below
7489, then they may short the Nifty with stop loss at 7515 to cover shorts at
around 7459.
In case of weakness, the short-term
traders may add long positions stop loss to 7400.
Mid-term investors may consider buying
Tata Steel at 507.75.
(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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