The market did indeed behave in expected lies as indicated in our weekly post, where we had emphasized that the markets will go up and that an intermediate bottom has been made for the immediate term. The Nifty went up to our specified resistance of 7872 (it made an intra-day high of 7873 before closing at 7866.05).
We expect the Nifty to continue in its up move with the next resistance at 7950.
The day traders may go long with stop loss at 7830 for a possible target of 7908. However, if the index slides below 7820 then they may short the Nifty to cover it at 7788.
The short term traders may continue to ride their longs in Nifty and increase their stop loss to 7752 for a possible target of 7950.
The mid term investors may continue to offer Asian Paints at 935.65, Grasim at 4254.65, HDFC Bank at 1161.25 and Goldman Sachs Nifty ETF at 814.57- all of these in small lots of 10% of their entire holdings in these counters.
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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