As we had expected in our previous post, the Nifty did turn weak and those who followed our advice must have gained handsomely.
As the support of 8242 as indicated in our weekly post got breached, we expect further weakness in the markets in the next trading session with Nifty sliding towards the next support of 8185, the breaching of which happens to be the only hope for Bears as a large quantity of selling is expected below this point.
The intra-day traders may go long in Nifty only if it trades above the 8310 mark in which case they may book profits around the 8375 levels with strict stop loss at 8300 which seems too unlikely at the moment as Nifty seems in no mood to go up north. Otherwise they may short the Nifty if it trades below the 8300 mark and book profits at around 8178 levels.
The short-term traders may short Nifty with strict stop loss at 8375 to chase the immediate target of 8185.
The mid term investors may consider buying Axis Bank at 543.70, HDFC Bank at 970.10. LIC Housing at 379.45, Marico at 382.90 and Idea Cellular at 158.20. They may also consider selling ITC at 326.10.
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