The technical indicators suggest that
unless and until the immediate resistance of 8134 is conquered conclusively
with good volumes, we are in a consolidation phase with the immediate support at
8079 and the intermediate support at 7983.
The intra-day traders may go long only if
the benchmark index trades above 8110 with stop loss at 8095 and book profits around
8130 levels. However, if the index trades below 8075, then they may play it on
the short side and book profits at around 8054.
The short-term traders may continue to
ride their short positions with strict stop loss at 8135. They may also
continue to ride long positions in Bank of Baroda and even add further long
positions with stop loss at 918.
Mid-term investors may consider selling 10% of
their holdings in each of Lupin at 1380.4 and Maruti at 3015.25. They may also
consider adding Coal India to their portfolio at 346.3.
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losses.
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