The Nifty showed a bounce back for second day in a row. However, it may be noted that this is a sell on rise market because there is no clear leadership.
If the Nifty manages to stay above 7170, then the intra-day traders may go long to unwind at 7211. On the flip side, if it trades below 7130, then they may short the Nifty to cover it at 7088.
The short-term traders may consider going long with stop loss at 6988 for a possible target of 7266.
The mid-term traders may consider buying Goldman Sachs Nifty ETF at 708.16, Asian Paints at 856.35.
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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