The fall towards the end did not come as a surprise as there was no momentum on the upside and the rise up in last trading session as we had stated in our weekly post, was more of a short covering. The only positive takeaway was that the support of 7369 held.
The intraday traders may go long only if the Nifty trades above 7425 to book profit at 7455. Otherwise they may short Nifty to cover at 7369 or 7332.
The short-term traders may go long only if the Nifty 7490, otherwise they may wait and watch as market may turn out to be deceptive.
The mid-term investors may consider buying Asian Paints at 859.10 and LIC Housing at 428.40 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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