The support of 7580 got breached in the
previous session which does not augur well for the markets as the next support
below 7580 is at 7382. The breakdown below 7580 will only be confirmed if the
Nifty closes below 7580 on closing basis in today’s trades. A conclusive breach
of 7580 will signify weakness in the sessions to come as the Nifty will
consolidate as it will gravitate towards the support of 7382. However, bulls
will return only if Nifty manages to trade above the 7690 mark in which case
one may expect new longs built into.
Intra-day traders may go long only if
the Nifty trades above 7600 mark with stop loss at 7775 and book profit at 7630.
However, if it trades below the 7572 mark then they may go short with stop loss
at 7695 to book profits at 7545.
The short-term traders may short the
index in case of a spike up with strict stop loss at 7690
Mid-term investors may wait and watch.
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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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