The Nifty behaved quite in expected
lines and the resistance of 7665 remained unconquered. It is reiterated that
the index will continue to remain weak in the intermediate term unless and
until it conquers the resistance of 7665 conclusively. The sentiment, although
has indeed improved from negative to consolidation with a positive bias. Until
the resistance of 7665 is not taken out, the Nifty will trade roughly within
the range with 7665 as upper bound and 7382 as the lower bound.
The intra-day traders may go long if the
Nifty trades above 7645 with stop loss at 7635 and book profit at around 7665. However,
if it trades below 7625 then they may short the index with stop loss at 7638 to
book profits at 7593.
The short-term traders may wait and
watch for the resistance of 7665. If the benchmark index conquers this
resistance conclusively with good volumes then they may add long positions.
Otherwise, they may play on the short side.
Mid-term investors may stay away for a little
longer in the sidelines and just wait and watch.
(Feel
free to write to us for our free advice regarding the stocks which you
already hold in your portfolio. Kindly send the quantity and price at which you
bought them. Much better, subscribe by email. It is free. And, what is more, we
do not disclose your IDs or portfolio.)
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.
No comments:
Post a Comment