A bit of consolidation seems likely in
the immediate future and as of now the charts suggest that the consolidation
will be with a positive bias.
The intra-day traders may go long if the
benchmark index trades above 8110 with stop loss at 8092 and book profits around
8140 levels. However, if the index trades below 8076, then they may play it on
the short side and book profit at around 8040 levels.
The short-term traders may continue to
ride their long positions with the stop loss to 8022. In case of an upside, they
may also consider selling a lot of Nifty 8200 Call of September series at 105.25.
Mid-term
investors may consider selling 10% of
their holdings in each of Tata Motors at 522.35, HCL Tech at 1693.70, Lupin at 1360.55
and Maruti at 2960.25.
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