A bout of profit booking brought the Nifty down but the bulls are not lost as yet as our immediate support as indicated in our previous post of 8916 was not breached on closing basis. However the opening in the next session will be a broad indicator as the benchmark index will continue to be bullish intra-day if it trades above 8950. It will continue to be in consolidation mode if it trades in the range 8835 to 8950. If it doesn't tank below 8835 then the key stocks as well as the Nifty may be bought .
The day traders may go long if the index trades above 8950 with a possible target of 8985. They may short the Nifty if it trades below 8920 to cover at 8800.
The short term traders may ride their longs in Nifty and add further positions in it and raise their trailing stop loss to 8854.
The mid term investors may consider selling the loss making shares in their portfolio. They may e mail us on their stock holdings for the offer rates.
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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