As we had pointed it out in our previous weekly post, the resistance of 7755 did indeed prove to be strong enough to be conquered, inspite of the concerted effect of end of financial year and March series.
7755 still continues to be a strong resistance which, if conquered will see the benchmark index test the next resistances of 7956 and 8073. The immediate support is at 7656, 7547 and 7189.
The day traders may go long if the Nifty trades above 7706 to book profit at 7735 and 7776. However, if it slips below 7687, then they may short the Nifty to cover at 7663.
The short term traders may continue to add long positions in case of weakness with stop loss at 7545.
The mid term investors may consider buying LIC housing at 476.85 with stop loss at 470.
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