The next support below 7712 is at 7586 which though broken intra-day but held on closing basis. Below 7586 one may expect the Nifty to go down to 7458 and finally 7150. The sentiment is expected to be bearish and weak but chances of short covering towards the latter half can not be ruled out.
The intra-day traders may go long only if the Nifty holds its head above the 7600 mark and unwind their longs at around 7635. However, below 7585, they may short the Nifty to cover it at 7524.
The short-term traders may open fresh shorts in case of rise and keep riding their shorts otherwise for the next target of 7458.
The mid-term investors may stay nimble footed and sell on rise. I case of weakness they may consider adding Asia paints at 783.05, Lupin at 1728.05, Zee at 399.30- all in small quantities.
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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