The Nifty managed to conquer the
resistance of 7665 in the previous session but the technical parameters still
cast a bit of doubt on the bullishness. However a little more of an upside
cannot be ruled out with more of a consolidation than flare ups.
The intra-day traders may go long if the
Nifty trades above 7704 with stop loss at 7690 and book profit at around 7737. However,
if it trades below 7678 then they may short the index with stop loss at 7695 to
book profits at 7643.
The short-term traders may go long with strict
stop loss at 7665.
Mid-term investors may stay away for a little
longer in the sidelines as no clear cut signal for buying for investment
purposes is coming. They are advised to wait and watch.
(Feel
free to write to us for our free advice regarding the stocks which you
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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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