Although the market in general is in a bullish mood but it seems highly unlikely that the July F&O series will expire above 8650, which implies that any gap up or up move will be sold into. Overall the market may stabilize for the day resulting in a dull session.
The day traders may go long if the Nifty trades above 8630 to book profits at 8653. However, if the Nifty trades below 8615 then they may short the index to cover at 8592.
The short term traders may add longs in August series in case of weakness in Nifty with stop loss at 8540.
The mid term investors may consider offering Indusind bank at 1209.75, Ambuja Cement at 282.40 and Yes Bank at 1235.35.
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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