Tips for traders and investors in the Indian Stock Markets for October 16 2014.

The markets were closed on October 15 2014 on account of general elections.
The benchmark index is in the grip of bears and continues to be on dangerous ground and if the immediate support of 7800 gets compromised, then we are well into a longer bearish trend with Nifty heading towards the supports of 7784, 7711 and 7524.

The intra-day traders may go long if the Nifty trades above 7888 and book profits around 7910. However if it trades below 7856, then they may play it on the short side and book profits at around 7816.

The short-term traders may short the index at higher levels i.e. around 8000 with strict stop loss at 8028.

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 1783.85.

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