Very much in expected lines, the volatility set in towards the closing hour of market and as we had posted in our earlier post, this is a sell in rise market. We expect the Nifty to slip further south though.
The intra-day traders may go short in nifty with stop loss at 7915 to book profit at 7814. However, they may go long only if the Nifty holds above 7923 in which case they may book profit at 7946 or 7965 as the case may be. At most the intra-day traders may expect 7985 but in no case carry positions above it as it being the settlement day, the index may turn dicey.
The short-term traders may add long positions in January series with stop loss at 7814.
The mid-term investors may continue selling HDFC Bank at 1089.35, LIC housing at 521.10, Goldman Sachs nifty ETF at 806.26 and ZEE at 448.10- all of these in small lots.
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.
ITC rallies 9% to hit new high; market-cap crosses Rs 4-lakh crore
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IT stocks outperformed in early trades followed by realty socks, But all other indices are in red.
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