Now that the support of 7582 has been
taken out, but for a bounce back in today’s session, one may expect an
intermediate brief period of weakness in the index with the next support at
7394. For any indication of return of bulls, the Nifty must trade above 7671.
The intra-day traders may go long if the
benchmark index trades above 7570 mark with stop loss at 7550 and book profit
at around 7593 levels. Otherwise, i.e. if the index trades below 7550, they may
play it on the short side with stop loss at 7570 and book profit at around 7520.
The short-term traders may add fresh short
positions in Nifty in case of intra-day strength with stop loss at 7680. They
may ride the Nifty 7500 Put of August series which we had advised them to buy
in an earlier post.
Mid-term investors may consider buying ONGC
at 376.95 in small quantities.
A lot of
people have lost a lot of money in Capital markets due to their need to get
rich quickly and their innermost desire to gamble, to feel the consequent
emotional excitement, over which they have no control. The sole intention of
sharing this link is to guide such people by helping them in minimising their
losses.
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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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