The upcoming week, it may be noted, is a truncated week as the markets will remain closed on March 24 2016 and March 25 2016 and will sit poised for the settlement of F&O March series, which is due on March 31 2016. With the fund managers mostly worried about jacking up their NAVs, the outcome of so many factors, makes the direction of markets unclear.
However, the benchmark index may continue with its upward climb as long as it remains above 7534 with a possible target of 7755. Bears will take charge only if it slides below 7480.
The day traders may go long in Nifty with stop loss at 7570 to book profit at 7638. However if Nifty drops below 7570, they may short it to cover at 7545.
The short-term traders may ride their longs and add more long positions with stop loss at 7480 for the target of 7735 and 7755.
The mid-term investors may continue to sell on rise. They may offer Asian Paints at 906.5 and 914.85 and Goldman Sach's Nifty ETF at 784.77 and 798.33.
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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