There indeed was a meltdown as we had indicated
in our previous post when Nifty came down whereby the immediate trend seems to
have turned to weakness. The only positive in favour of the market is that the
rock support of 7582 remained uncompromised. As long as we are above 7582 on closing basis, all is
well for the index in particular and market in general. Otherwise we are in for
a bear market.
That being said the intra-day traders
may go long if the benchmark index trades above 7640 with stop loss at 7630 and
book profit at around 7668. They may however, trade on the short side if the
Nifty trades below the 7620 mark in the wee hours of trade with stop loss at 7640
and book profit at around 7558.
The short-term traders may go long in
case of further weakness with strict stop loss at 7582. They may however
consider booking profit by buying back the two lots of Nifty 7700 August call
that we had advised them to sell in an earlier post.
Mid-term investors may consider buying
L&T at 1451.70 and ONGC at 376.95 in small quantities.
(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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