Just as a glimmer of hope sparkled and no sooner, true to its characteristics, the Nifty nose dived breaking the support of 7468. However, all hopes are not lost as the key support of 7369 still holds. However, if the Nifty continues to be weak and gives up more gains tomorrow, then we are heading for another bout of volatility with a negative bias.
The immediate support is at 7432 and Nifty must stick its head above this level for any hope for a comeback.
The intraday traders may go long only if it trades above 7432 with volumes in which case they may book profits at 7486. Other wise they may short the Nifty and cover around 7401.
The short-term traders may add long positions in case of weakness with stop loss at 7369.
The mid term investors may consider adding Asian Paints at 858.65 and Nifty BeES at 746.31.
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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