The bulls made an overbearing comeback
in the previous session but we are not out of the woods unless and until the
resistance of 8028 is conquered on a conclusive basis. However, it can safely
be concluded that the intermediate bottom has been already made and the bulls
will dominate as long as the support of 7888 holds in the immediate term.
The intra-day traders may go long if the
Nifty trades above 7963 mark and book profits around 7990. However if it trades
below 7931, then they may play it on the short side and book profits at 7888.
The short-term traders are advised to
open fresh longs only if the index conquers the resistance of 8028 conclusively
with good volumes. Otherwise they may short the index with strict stop loss at
8028. They may also consider going long in Tata Motors in case if it trades
above 525 with strict stop loss at 523.35 and Bank of Baroda with stop loss at
860.
Mid-term investors may consider selling 10
% of their holdings in each of Tata Steel at 483.35, Maruti at 3021.60, L&T
at 1545.25, ITC at 371.55 and HCL Tech at 1733.85.
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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