As quite expected, with the settlement of F&O series of February 2016 due on February 25 2016, the market did exhibit volatility in the past two trading sessions and the direction of market in general remains clueless. A rise is not a victory for bulls as much as a drop is no advantage to bears.
However with the support of 7189 got broken intra-day which implies that the Nifty will remain weak unless and until it trades above 7150.
The day traders may go long if the Nifty trades above 7150 to unwind at 7180. However, if it trades below 7135 then they may go short to cover at around 7068.
The short-term traders may short the Nifty in case of a rise with stop loss at 7190 for a target of 7080.
The mid-term investors may consider buying Goldman Sachs Nifty ETF at 709.68 and Asian paints at 860.65 in small quantities. They may also consider to offer Asian Paints at 896.30.
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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