All those who might have read our previous post might have noticed that we had already stated that all was not well and the recent flare up may not be construed as return of bulls. Well, the Nifty did turn weak and those who traded as per our advise might have benefited.
The index is expected to continue to remain weak although one might expect flare ups on account of expiry of F&O April 2015 series on April 30 2015. The index may try the key support of 8256 once more and in case if it gets broken then the next support points to be kept in mind during the week are at 8143, 8070 and 7882.
However, if the index bounces back from hereabouts then the resistances will be at 8395, 8486, 8574, 8626 and 8795. The return of bulls will be ensured only above 8795. Otherwise we may consolidate with a negative bias, if the support of 8256 gets broken and positive bias if the resistance of 8626 is conquered.
It may also be noted that the market will remain closed on May 1 2015.
The intraday traders may consider going long in Nifty if the index trades above the 8330 mark to book profit at 8387. They may however short Nifty if it trades below the 8295 mark to book profit at 8256.
The short-term traders may continue to play on the short side and add fresh positions in case of a rise with stop loss at 8626.
The mid-term investors may continue to bid stocks as per our advise in our previous post.
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. 
Gold remained under pressure as investors awaited Federal Reserve policy meeting minutes for clues on the outlook for U.S. interest rates
ReplyDeleteShare Market Company