As we had stated in our previous post, we are headed towards the crucial support of 7586, which if breached may see Nifty slide further towards 7458 and then 7150. On the other hand the index faces immediate resistance at 7736 which if conquered may see it test the resistance of 7914. The technical indicators, however, suggest a brief stop to this down slide which may also result in a relief rally, but overall the markets are still in a bearish mode.
The intra-day traders may go long if the index trades consistently above 7642 mark with good volumes and book their profit when Nifty is around 7690. Otherwise they may short the Nifty to book profit at 7590.
The short-term traders may book their profit at 7586, if they have been carrying shorts. They may open fresh shorts in case if the Nifty shows a bit of strength 7730, 7760 and 7865 with stop loss at 7920.
The mid term investors may consider placing bid in small quantities for Coal India at 329.25, HDFC Bank at 956.05, LIC Housing Finance at 393.75, Lupin at 1802.95 and Goldman Sachs Nifty Exchange traded scheme at 773.25, 765.45 and 758.05. They may also consider investing through SIP in Birla Sunlife Top 100 (G) and SBI Blue Chip Fund (G).
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