The Nifty broke the key supports and has turned weak. The next support is at 8705 and then 8547. If 8547 too gets broken then any hope for the comeback of bulls will be dashed.
The day traders may go long if the Nifty trades above 8720 for a target of 8740. They may short the Nifty if it trades below 8705 to cover at 8675.
The short term traders may consider going long if the support of 8547 holds in the next few trading sessions i.e. they may go long if Nifty weakens down by another 150 points with stop loss at 8547.
The mid term investors may stay in the side lines for today and just watch.
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.
No comments:
Post a Comment