The only hope for bulls is in that the Nifty did somehow manage to close above the critical support 7586, although the technical parameters of the market have turned to worse from bad for them. But for the closing above 7600, it was almost all set for carnage. However, it is in deep dumps as of now and bears are in full command and it may be kept in mind that it was only short covering that prevented the weekly close below the support of 7586.
If the support of 7586 is broken on closing basis then the Nifty is headed to wards 7458 and then finally towards 7150.
On the other hand if the nifty manages to stay above 7586 on closing basis and trades above 7730, then only bulls will return and that too half halfheartedly.
The intra-day traders may go long if the Nifty trades above 7590 and book profit at 7630 or 7661 as the case may be. Otherwise they may play it on the short side to book profit at 7579.
The short-term traders may continue shorting Nifty with stop loss at 7730 and book partial profits at 7579 and at 7556.
For the mid-term investors the market is in a sell in every rise kind of pattern and so they may consider selling HDFC Bank at 1094.65, LIC Housing at 483.25, Lupin at 1914.05, Nifty ETF at 818.25 and Zee at 415.40.
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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