Like we had already indicated, the Nifty did
come down a bit due to the settlement blues that kicked in on Friday last.
Those who bought Nifty 8000 Puts of August series as per our advice might be
running on profit inspite of the downside of previous two sessions. However,
the intermediate bullish structure is intact as long as the benchmark index will trade above 7582.
The intra-day traders may go long if the
benchmark index trades above 7795 with stop loss at 7785 and book profit at around
7838. Otherwise they may trade on the short side with stop loss at 7800 and
book profit at around 7689.
The short-term traders may add long
positions in case of weakness, with stop loss at 7680. They may also book
profits by selling the Nifty 8000 puts of August series if they had bought them
as per our advice on Friday last.
Mid-term investors may stay away for now
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
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.
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