As envisaged in our weekly post, the settlement blues did set in to arrest the six day continuous gain wiping off the three day profits of previous truncated week. 7755 indeed is a tough resistance to surmount as Nifty slid after touching 7749.4.
The new intermediate resistance now stands at 7690 and immediate support is at 7605.
The day-traders may play it on the short side if Nifty trades below 7605 to cover at 7555. However, if the Nifty trades above 7650, then they may go long to unwind at 7680.
The short term traders may consider going long in April series in case of weakness with stop loss at 7536 for a target of 7680.
The mid-term investors may consider selling Goldman Sachs Nifty ETF at 788.32 and Asian Paints at 882.10 in small quantities. They may also consider buying LIC Housing Finance in small quantities, in case of weakness with strict stop loss at 460 for a possible target of 491.90 and Asian Paints at 834.55.
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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