The Nifty tumbled a bit in the previous
session albeit suddenly although we had been constantly advocating the followers
of this blog to buy Nifty puts. The market may be expected to remain subdued in
the intermediate trend if the Nifty breaks the immediate support of 8372 on
closing basis in which case it will head towards 8003 with intermediate support
at 8353. However, the breakdown of today and in the ensuing sessions (if at
all) may be construed in the light of impending settlement of November series due
next week on November 27 2014 and may be utilized to buy key stocks at the
prices we have specified or will specify in this space.
The intra-day traders may go long if the
Nifty trades above 8419 with stop loss at 8399 to book profit around 8438. However
if it trades below 8479, then they may play it on the short side and book
profits at around 8353.
The short-term traders may now start
trading in the December series on the short side by buying Nifty puts throughout
the next week successively in small lots every time the Nifty rises.
The mid-term investors may consider
exiting Bank of India by offering it at 306.45 and 318.55 and bid for Bank of
Baroda at 1023.20, 994.5 & 979.85, LIC Housing Finance at 394.25 & 367.75
and Marico at 318.55; all these stocks in small quantities. It may be noted
that the bids and offers are for the whole of next week.
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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