The benchmark index of Indian stock market, the Nifty did break the crucial resistance of 7755 as it came roaring in the previous session, taking most traders in surprise. Now the immediate support for day traders is at 7843 and the previous resistance, 7755 may be construed as crucial support now for the week. If 7755 support holds then one may expect Nifty to aim at 7955 and then 8240. On the other hand if 7755 is breached then the next supports are at 7649, 7580 and 7222. It may also be kept in mind that the markets will remain closed on Tuesday April 19.
If the Nifty trades above 7843 in the opening hour the the day traders may go long with stop loss at 7825 to book profit at 7880. Otherwise, i.e. if below 7825, then they may consider shorting Nifty to cover at 7795.
The short-term traders may ride their longs and add more positions in case of weakness with stop loss at 7635.
The mid-term investors may continue selling in small lots of 10% of their holdings on every advance. They may offer Asian paints at 893.25, Grasim at 4195.55, HDFC Bank at 1102.95, LIC housing at 493.25 and Goldman Sachs Nifty ETF at 809.11.
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.
No comments:
Post a Comment