Unless and until the Nifty trades above 7141, it may be expected to remain weak and sideways but the technical charts suggest that it won't run into any further losses and will bounce back in case of a cut. But the turbulence has not abated as yet. However, the immediate support is at 6995 which if breached might see Nifty again heading towards 6770. The immediate resistance is at 7016 and then at 7069 and 7120. However, if the Nifty conquers the main resistance of 7141, then a sudden bullish spurt may be expected with the next resistances at 7266 and 7321.
The day traders may go long if the Nifty trades above 7022 to unwind at 7060. However, if the Nifty trades below 6996, they may short the Nifty to cover at 6915.
The short-term traders may go long with stop loss at 6996 for a possible target of 7141.
The mid term investors may consider investing in SBI Blue Chip Fund (G) on dips or through SIP.
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.
NIFTY ENDS BELOW 7000, SENSEX TANKS 152 POINTS, BANKS UP ON BUDGET
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