The Nifty is still inconclusive as throughout
the whole session yesterday it was not being able to conquer the resistance of
7671 and it was only in the last hour that it did get past the resistance and
the next one which was at 7726. If it manages to stay above 7726 in today’s
session then one may conclude that the bulls have not given up and the index
may aim for higher highs.
The intra-day traders may go long if the
benchmark index trades above 7726 mark with stop loss at 7705 and book profit
at around 7754 levels. However, if the index trades below 7685, then they may
play it on the short side with stop loss at 7705 and book profit at around 7650.
The short-term traders might be at a
loss as the stop loss got hit yesterday and it is presumed that they may have
opened fresh long positions. They are
advised to hold them for today’s session. They may also continue to 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 HDFC Bank at 768.55 and Tata Steel at 521.40 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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