Although the benchmark index did show a
bit of strength on opening in the previous session yet all the gains petered
out in the mid session before the Nifty once again inched up a bit towards the
close. The immediate trend should be weak.
What is of concern is whether the
support of 8503 gets breached or not in case of which the next intermediate
support is at 8456.
The intra-day traders may go long if the
Nifty trades above 8588 with stop loss at 8570 to book profits at 8618. However
if it trades below 8544 in the wee hours of trade, then they may play it on the
short side and book successive profits at around 8503 or at 8456.
In case of weakness, the short-term
traders may consider adding long positions in Nifty with stop loss at 8456.
However in case of a breach of 8456 with good volumes conclusively, they may
open fresh shorts.
The mid-term investors may consider
exiting Bank of India by offering it at 318.55 and bid for Bank of Baroda at
1040.90, LIC Housing Finance at 407 and Marico at 310.05 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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