The Nifty will continue to remain weak in
the intermediate term unless and until it conquers the resistance of 7665
conclusively. But otherwise the sentiment has improved from negative to consolidation
with a positive bias. If the resistance of 7665 is not taken out today, then
one may expect a range bound trading with roughly 7665 as upper bound and 7382 as the
lower bound.
That being said, the intra-day traders
may go long if the Nifty trades above 7600 with stop loss at 7587 and book
profit at around 7665. However, if it trades below 7573 then they may short the
index with stop loss at 7595 to book profits at 7505.
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
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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