The Nifty must trade above 7800 with good volumes for chances of upside. However we expect the nifty to remain weak and consolidate with a negative bias for as long as the support of 7712 is not breached on closing basis. Below 7712, fresh selling will emerge.
The intraday traders may go long in such scenario and book profit at 7822. However, if it slips below 7780, then they may short the index and cover at 7754.
The short-term traders may play on short side with stop loss at 7892 for the target of 7712.
The mid term investors may continue to sell on 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.
No comments:
Post a Comment