The settlement day of F&O series of March 2016 has finally arrived. The fund managers in their concerted effort to boost up their AUMs on a YTD basis along with F&O traders lifted the benchmark index above the 7700 mark.
What remains to be seen is whether the Nifty stands above 7685, in which case the next resistance is at 7950. However, if it slides below 7685 then it will head towards the support of 7643, which if broken will see it gravitate towards 7536.
The day-trades may go long if it trades above 7700 to book profit at 7770. However, if it trades below 7685 then they may short Nifty to cover at 7645.
The short-term traders may consider booking their profits, in case if they had gone long as per our advise in Nifty in April series and go long in case of weakness.
The mid-term investors may consider exiting their positions in Asian Paints successively at 899.25 and 913.75. They may also sell Goldman Sachs Nifty ETF at 807.74. They may consider buying Grasim at 3808.45 and Hero motors at 2892.55 in small quantities.
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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