As we had mentioned in our weekly post, a breakout did come in the previous session The sudden sell off in Nifty has weakened it considerably and the day traders may consider going long in the bench mark index only if it trades above 8620 for a target of 8645 and 8665. They may short the Nifty if it trades below 8605 to cover at 8583.
The short term traders may add further long positions in Nifty in case of weakness and raise their trailing stop loss to 8566. They may however consider booking profits at around 8665 and 8700 levels.
The mid term investors may consider buying Ambuja cement at 261.85. They may also consider getting out of Larsen and Toubro, in case they bought some recently by booking loss at whatever price they can get. Chances of its breaking out in positive ground are remote.
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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