As I have mentioned earlier also in this column, the rise from the March lows is a bear market rally - but this rally still has a lot of steam left.
If anyone is expecting the rally from March lows to go back all the way to newer Life Highs, He or She is mistaken, at the same time, this rally has enough steam left to reach ~35500/10500 levels in the near/short term.
Day traders and short term investors can play the NIFTY levels on both the long and the short side of the markets.
For the coming week- as long as the markets manage to hold above 33600/9925, the near term trend will remain positive/buoyant.
On the upside, 33870/10000 are resistances that need to be taken out on a closing basis for the markets to reach ~34150/10080.
Keep a closing SL at 33328/9839 for all short term long positions in the markets.
As I have mentioned in the past also, even if you trade only in the cash segment and not in Futures & Options, do not trade outside the universe of the F&O permitted stocks.
Our existing long positions are majorly concentrated in few stocks which will be relatively stable/outperform in the near term as well as short term.
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