As we had stated in our previous post, the benchmark index is headed towards the support of 7382 through a few days of weakness and
consolidation with negative bias. Bulls are on leave and will return only if
Nifty manages to trade above the 7670 mark, in which case one may expect new
longs built into.
Intra-day traders may go long if the Nifty
trades above 7512 mark with stop loss at 7500 and book profit at 7557. However,
if it trades below the 7485 mark then they may go short with stop loss at 7500
to book profits at 7422.
The short-term traders may ride their
shorts and even add more shorts in case of strength with strict stop loss at
7670.
Mid-term investors must 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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