As the support of 7369 specified in our previous weekly post remained conclusively unbroken, we may conclude that the tug of war is on between the bulls and bears and the bounce back on the previous trading session does not indicate anything in particular as it was mostly short covering on not very convincing volumes. In our opinion the market will continue to trade sideways, sometimes nose diving and sometimes edging up with resistances at 7507 and 7735 and supports at 7418, 7369 and 7150.
The intra-day traders may go long if the Nifty trades above 7466 to book profits at 7525 or 7543 as the case may be. On the flip side they may short Nifty if it trades below 7429 and book profits at 7485.
The short-term traders may go long with stop loss at 7418 with a possible target of 7735. Otherwise they may trade on the short side with target of 7350.
The mid term investors may consider buying LIC Housing at 423.95 and Goldman Sachs Nifty ETF at 750.54 in small quantities. They may also consider selling 10% of their holdings in Asian Paints at 923.45.
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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