The market showed extra bullishness in the previous session. Our view is that although the markets in general and Nifty in particular will continue to remain bullish but in the short term the bulls might get trapped as the signals of a possible correction are emanating. So as a matter of caution and in the view of the settlement of July F & O series which is due on July 28, we advise the short term traders to exit their long positions that we had been advising to ride and collect profits at anywhere above 8600.
The day traders may go long only if the Nifty trades above 8600 to unwind at 8625. They may short the Nifty if it trades below 8590 to cover at 8565.
The mid term investors may look for opportunities in case of a correction only in the key stocks we have been recommending in our previous week posts.
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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