Quite very much in lines with our expectations in your previous post, the Nifty did indeed remain weak in last session to the extent of breaching the key resistance of 8185, which doesn't augur well for the benchmark index in particular and the whole market as a whole. However, the technical charts are suggesting that much of the poison must be out of the market but it does not imply thereby that the Nifty will not weaken further.
If the Nifty somehow manages to stick its head above the 8160 mark with good volumes for an hour or two, then one may expect a bounce back.
The intraday traders may go long only if the index trades above the 8160 mark and book profit around 8195. They may short the index only if it goes below the 8115 mark and book profit at 8085.
The short-term traders may cover their shorts today, in case if it turns weak.
The mid term investors may stay away at this juncture.
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