Tips for traders and investors in the Indian Stock Markets for October 17 2014.

As we had been reiterating, we are well into a short term bearish trend with Nifty with supports at 7711 and 7524 and it has been a sell at every rise kind of market.

The intra-day traders may go long if the Nifty trades above 7734 in the initial hour of trade with good volumes and book profits around 7765. However if it trades below 7710, then they may play it on the short side and book profits at around 7690.

The short-term traders may ride their shorts and add more short positions if the index goes up with stop loss at 7900.

Mid-term investors may consider placing bid for Bank of Baroda at 845.85, ITC at 338.25 and Lupin at 1235.25 in small quantities.

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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.