That the support of 8712 held is maybe a welcome news for the bulls but last trading session being a Friday and the market came crashing down is to be understood as a negative sign for bulls as all the gains were wiped out. It basically implies that the investors and traders alike- none have a faith in the trend in short term and mid term.
The day traders may go long in the benchmark index nifty if it trades above 8810 for a target of 8834 or 8874. On the flip side they may short the Nifty if it trades below 8785 to cover at 8745.
The short term traders may continue to add long positions in Nifty if it becomes weak but with strict stop loss at 8547.
The mid term investors may consider staying on the side lines as no clear picture is emerging.
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