The only positive takeaway from the previous session is that the Nifty
bounced back from the lows of 8152.5 and mostly remained bullish without
showing any signs of further cracks. But, now with the support of 8230 almost
breached, the next support is at 8068, unless of course if there is a bounce
back in the benchmark index in the ensuing trading session.
The intra-day traders may go long if the Nifty trades above 8230 with
stop loss at 8215 to book profit around 8290. However if it trades below 8204,
then they may play it on the short side to book profit at 8175.
The short-term traders may play it on the short side lowering their
trailing stop loss to 8300. They may also consider going long in ITC with
strict stop loss at 389.05 for a possible target of 408.65.
The mid-term investors may consider buying Axis Bank at 472.85, Bank Of
Baroda at 1001.45 & 976.10, HDFC Bank at 920.85 and LIC Housing
Finance at 422.80 and 375.30 all in small quantities.
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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