The Nifty is showing a bit of upside which looks like it will sustain and maybe show a bit of upside. Although it will cover down towards the end of trade anyway even if it goes up. But certain signals are indicating that even if we have not hit the intermediate bottom, we are facing an impending bottom which seems here abouts. Otherwise we are suddenly bullish on the Nifty and the whole market in general.
The Nifty will go up north if it trades above the 7533 upto 7613. However if it trades below 7530 then we see a new bottom, which, although seems a bit unlikely at this juncture.
The intra-day investors may go long if the Nifty trades above 7535 and unwind their longs around 7610. However if the index trades below 7520 then they may short the Nifty to cover it at 7576.
The mid term traders may go long in Nifty with stop loss at 7495 to ride it nimble footed till 7469.
The long term traders may consider buying Nifty at 751.85, Asian paints at 851.27, Lupin at 1657.10 and Zee at 399.30.
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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