There was a sudden sell off in the previous session but inspite of the heavy supply pressure, we maintain that the Nifty in particular and the market in general will continue to be in its bullish mode as long as the key support of 7937 is breached on closing basis. However, the followers of this blog may keep it in mind that the settlement of F&O June series is due on June 30 and may therefore trade this time round as if they re walking on a land mine as many stop losses got triggered in the previous session. The chances of much loss from here though possible is less likely.
The immediate resistance is at 8148 which if conquered may see Nifty climb up north steadily with the next resistances at 8212.
On the flip side if the support of 8035 gets breached then it will slip towards 7990 and then to 7937.
Day traders may go long with stop loss at 7990 for the target of 8150. However, below 7990 they may short the Nifty to cover at 7937.
Short-term traders may start making contrary positions ie go long on weakness and unwind longs on strength as well as go short on strength and cover on weakness. They may trade only in July series.
The mid term investors may make most of the buying as long as the blood bath continues.
The may plae bid for Goldman Sachs Bank ETF at 1726.57, 1705.64 & 1688.51, Hero Motors at 3001.55, Indusind Bank at 1062.05, 1024.35 and 1008.65 and Yes Bank at 1069.65, 1047.40, 1025.20 and 108.45- all in small quantities.
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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