The Nifty will continue to be in the grip of the bulls and will remain weak in the intermediate term. It may however consolidate with the rock support of 7382 as the base. In the immediate term, though, it may show a bit more of upside.
Intra-day traders may go long if the Nifty trades above 7495 with stop loss at 7488 and book profit at 7548. However, if it trades below the 7480 then they may go short with stop loss at 7500 to book profits at 7465.
The short-term traders may continue to ride their shorts and even add more shorts in case of strength with stop loss at 7613.
Mid-term investors may stay away for a while and just 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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