The followers of this blog might have noticed how our resistance of 7535, indicated in our previous post remained unconquered on closing basis. However, the market still seems to be in a somewhat bullish mode and if the resistance of 7535 is conquered then our next resistance is at 7750. The supports are at 7480 which if breached will see Nifty retrace its way to 7100.
The day traders may go long if the Nifty trades above 7504 with stop loss at 7485 to unwind at 7545. However below 7485 they may short the Nifty to cover at 7468.
The short term traders may go long only if Nifty trades above 7535 to ride it till 7685. Otherwise they may short Nifty with stop loss at 7535 to ride it till 7385.
The mid term investors may sell on rise. They may consider offering 10% of their holdings in Asian Paints successively at 909.85 and 916.05.
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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