The settlement of February F&O series is due this week on February 25 2016 and therefore although signs of a bullish move are emanating but owing to settlement the Nifty can go anywhere. However, the resistances are at 7270, 7325 and 7550. On the flip side the immediate supports are at 7180, 7060, 7005 and then at 6770.
The day traders may go long in Nifty if it trades above 7200 to unwind at 7240. Below 7180, they may however short the Nifty to cover at 7165.
The short-term trades may trade in March series and go long with stop loss at 7180 for a target of 7260.
The mid-term investors may consider adding Asian Paints at 839.65, Goldman Sachs Nifty ETF at 709.68 and LIC housing at 408.40; all in small quantities. They may also be nimble footed as this is a sell on rise market and sell soon as they see profit i.e. Asian paints at around 876.80 and 893.95, Goldman Sachs Nifty ETF at 765.15 and 798.03 and LIC Housing at 468.25 and 489.95.
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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