The only takeaway from previous week was that the four day fall got arrested in the last session, but we ascribe the Friday comeback to short covering by bears. A little more downside is there in the cards as the Nifty will consolidate with negative bias, gravitating towards the support of either 7580 or 7458 or eventually 7150. The bulls will return only if the resistance of 7813 is conquered conclusively.
The immediate support is at 7580 and there fore the intraday traders may trade accordingly to book longs at 7642 and shorts at 7552.
The short-term traders may play it on the short side if the support of 7580 gets breached for a target of the next support i.e. 7458. Otherwise they may go long with stop loss at 7580 for the possible target of 7685.
However if the Nifty opens gap up, then the intraday as well as short-term traders may consider shorting at 7675 to cover at 7605.
The mid term investors may consider buying Asian Paints at 865.60 and 833.05, HDFC Bank at 1033.15 and 1013.15, LIC Housing at 476.40, Lupin at 1657.10, Goldman Sach Nifty ETF at 761.11 and Zee at 399.35.
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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