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The first support of 7899 was taken out
easily in the previous session and the benchmark index kept on drifting
downwards steadily, which indicates that the market is in the grip of bears and
we are in an intermediate bearish trend which typically does not last for too
long. The next support is at 7800 for today from where the Nifty must bounce
back. However if 7800 support is breached today on concluding basis then one
may expect a trend reversal, in which case one may expect the bearish trend to
last a bit longer.
The intra-day traders may go long if the
Nifty trades above 7880 mark for some time with good volumes and book profits around
7926. Otherwise, then they may play it on the short side and book profit at
7815.
The short-term traders may open fresh shorts
in case of an upside with stop loss at 8038. They may also square off their
short positions around the 7800/ 7784 mark.
Mid-term investors may stay on the
sidelines today as the support of 7800 is a deciding point for the immediate
future.
A lot of
people have lost a lot of money in Capital markets due to their need to get
rich quickly and their innermost desire to gamble, to feel the consequent
emotional excitement, over which they have no control. The sole intention of
sharing this link is to guide such people by helping them in minimising their
losses.
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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