The Nifty did manage to conquer the resistance of 8795 for a few moments but it turned out to be a false breakout and the index broke down to 8596.7 before closing at 8606. Unless the index manages to stay above the 8609 level somehow, the Nifty is definitely headed towards the support of 8489 with intermediate supports at 8577 and 8533. On the other hand, if the index bounces back to plus 8635 level then it will meet resistances at 8698, 8750, 8795 and 8835. However, we would like the readers of this blog to exercise a lot of caution this week keeping an eye on settlement next week when the Future and Options series for the April 2015 will expire on April 30 2015.
That being said the intra-day traders may go long if the Nifty trades above the 8635 mark to book profits at around 8690. Otherwise they may short the index to book profit at 8577.
The short-term traders may continue to play on the short side with strict stop loss at 8695.
The mid-term investors may consider adding Lupin to their portfolio by placing bid at 1651.75 and Marico at 403.45 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. 
No comments:
Post a Comment