The Nifty is inconclusive as although it
is once again above the critical support of 7582 that was taken out on Friday
last, but it did not conquer the resistance of 7671. The technical parameters
are however suggesting continued weakness with consolidation.
The intra-day traders may go long if the
benchmark index trades above 7620 mark with stop loss at 7610 and book profit
at around 7640 levels. Otherwise, i.e. if the index trades below 7610, then they
may play it on the short side with stop loss at 7625 and book profit at around 7585.
The short-term traders may add fresh short
positions at higher levels i.e. around 7670 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. However, if the resistance of
7671 is conquered conclusively with good volumes then they may start adding
fresh long positions.
Mid-term investors may consider buying
ONGC at 376.95 HDFC Bank at 768.55 and Tata Steel at 521.40 in small
quantities.
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