As we were expecting an initial hiccup in our weekly post, there indeed was a spate of profit booking but the pressure was relentless and took Nifty down to 7889.85. However, the panic button has not been pressed yet as the key support is at 7712. Now that the Nifty has lost quite a significant ground, the bulls will tend to be on the defensive and if the support of 7712 remains un-breached then the Nifty will at best consolidate with a negative bias. For the return of the bulls the Nifty will have to conquer the resistance of 7900. However below 7712 fresh selling will emerge.
The intra-day traders may play it on the short side with stop loss at 7840 and so may the short-term traders with an immediate target of 7735.
The mid term investors may continue selling in every rise.
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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