The market seems to be in no hurry to head up northwards as profit booking comes rather too soon implying that the market is in consolidation phase if not weak. The support for the benchmark index is at 7586 and the resistance is at 7900. Any slippage below 7586 will bring in supply thereby bringing about the bears action. On the other hand if the Nifty conquers the resistance of 7900 then the bulls will take charge. Un till then the market will remain in a consolidating phase ith range bound trading.
The intra-day traders may go long in Nifty if it trades above 7800 to book profit at 7820. On the flip side if the Nifty trades below 7780 then then may go short to book profit at 7765.
The short-term traders may go long with stop loss at 7780 to book profit at 7900. On the flip side if the Nifty trades below 7765, they may consider going short with a possible target of 7586. However, they may book partial profit at 7718.
The mid-term traders may consider adding Goldman Sachs ETF at 781.05 and 761.11, Lupin at 1725.65, LICHSG FIN at 438.85 and HDFC Bank at 1027.05.
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.
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