The bounce back in the previous trading session may not be construed as a come back for bulls. It was merely a short covering. The immediate support for the Nifty is at 6930 which if broken may see Nifty going weak with the next support at 6770 and 6645. However if the Nifty manages to stick it's head above 6960 then one may expect a little bit of upside with successive resistances at 7054, 7136 and 7266.
The intraday traders may trade on the long side if the Nifty trades above 6961 to unwind at 7010. However, below 6930 they may short the Nifty to cover at 6887.
The short-term traders may continue to play on the short side with stop loss at 7136.
The mid term investors may sit on the side lines on Monday the 15th and just wait and watch.
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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