The drag which we had predicted in our
previous post did cast its shadow as the Nifty ended in the negative after
hitting an all time high.
Intra-day traders may go long if the
Nifty trades above 7736 mark with stop loss at 7725 and book successive profits
at 7766 and 7791. However, if the benchmark index trades below 7711, then they
may short the Nifty with stop loss at 7725 to cover shorts at around 7696 and
7677.
The short-term traders may book profits by
squaring off their longs around 7754 to 7774 and raise their stop loss in long
positions to 7670. They may also consider buying Nifty 7800 puts of 31 July 2014 series at 115.15.
Mid-term investors may consider buying
Coal India at 388.15 and ONGC at 415.25.
(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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