The overall immediate term trend has
turned weak and the benchmark index should find next support at 8229. The
market has turned into a buy-in-dips and sell-on-rise kind of mode.
The intra-day traders may go long if the
Nifty trades above 8336 with stop loss at 8300 to book profit at 8380. However
if it trades below 8280, then they may play it on the short side to book profit
at 8260.
The short-term traders may play it on
the short side in case of a rise with stop loss at 8491.
For the mid-term
investors it is now a sell on rise and buy on dips kind of market in the range
8230 to 8491 as long as the extremes hold.
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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