On the Indian Stock Markets. December 31.

The benchmark index must trade conclusively above 6303 mark in the initial hour of trade for the market to go further up, in which case the resistances will be at 6332, 6373 and 6403. Otherwise, the market will remain weak and bearish with supports at 6261, 6231 and 6190.

Intra-day traders may trade accordingly depending on which side of the 6303 mark the index trades. But one may not go long unless and until the Nifty trades above 6309 mark conclusively with strict stop loss at 6303. Otherwise they may go short with stop loss at 6316.

Short-term traders may continue to trade long with stop loss at 6214. They may go short only if Nifty falls below the 6214 mark with stop loss at 6250.

Mid-term investors may utilize any up-spike to rid their portfolio of non-performers.

In case of weakness, they may consider buying HDFC Bank @ 637.25.

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.

On the Indian Stock Markets. December 30

The key resistance of 6306 was finally taken out in the last session.

The benchmark index must trade conclusively above 6309 mark in the initial hour of trade for the market to go further up, in which case the resistances will be at 6329, 6345 and 6365. Otherwise, the market will remain weak and bearish with supports at 6293, 6273 and 6258.

Intra-day traders may trade accordingly depending on which side of the 6309 mark the index trades. In case if Nifty trades above 6309 mark conclusively then they may trade on the long side with stop loss at 6280. Otherwise they may go short with stop loss at 6315.

Short-term traders may continue to trade long with stop loss at 6300. They may go short only if Nifty falls below the 6214 mark with stop loss at 6250.

Mid-term investors may utilize any up-spike to rid their portfolio of non-performers.

In case of weakness, they may consider buying HDFC Bank @ 637.25.

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.

The Lone Bellow - You never need nobody.

The Lone Bellow

 sing 

'you never need somebody'

The lyrics

You never need nobody 

You've never been alone

And I try to get your affection

And all I ever do is wrong.

You could break a heart, in your sleep

Yeah the way you move, makes a grown man weak

They all line up at your door

Saying please, please, I can’t take no more

You never need nobody 

You've never been alone

And I try to get your affection

And all I ever do is wrong.

You could calm a storm with your tone

And the way you sing, makes the mocking bird hum

The grass you walk on, gives way

Saying please, please, come back this way

You never need nobody 

You've never been alone

And I try to get your affection

And all I ever do is wrong.

Give me your hardest fever

Loudest scream in the crowd

Darling these good times

Can’t change, the way I feel bout you now

Give me your hardest fever

Loudest scream in the crowd

And all of these good times can’t change

the way I feel bout you now

Now I know you got that smile

And the way it shines can drive a man half wild

I won’t dance around this no more

I’m the only one you should smile for, yeah!

You never need nobody 

You've never been alone

And I try to get your affection

And all I ever do is wrong.

On the Indian Stock Markets. December 27.

The benchmark index must trade above the 6280 mark in the initial hour of trade today in order for it to go up, in which case the resistances will be at 6301, 6324 and 6345. Otherwise it will go down with supports at 6257, 6237 and 6214.

The intra-day traders may trade accordingly with stop loss for longs at 6250 and stop loss for shorts at 6290.

The short-term traders  may go long only if the Nifty captures the key resistance of 6306 conclusively with good volumes.

Mid-term investors may consider buying HDFC Bank @637.25 in small quantities in case of weakness in the counter.

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.

On the Indian Stock Markets. December 26

The key resistance of 6306 was a hurdle in last session again. Today being the settlement day, caution is advised to the players as the market may turn somewhat choppy even as the technical indicators have turned bullish in the immediate trend.

The benchmark index must trade conclusively above 6277 mark in the initial hour of trade for the market to go up, in which case the resistances will be at 6293, 6317 and 6332. Otherwise, the market will remain weak and bearish with supports at 6253, 6237 and 6213.

Intra-day traders may trade accordingly depending on which side of the 6277 mark the index trades. They may go short if the index trades conclusively below 6277 in the initial hour of trading with stop loss at 6386. In case if Nifty trades above 6277 conclusively then they may trade on the long side with stop loss at 6270.

Short-term traders may go long if Nifty trades above 6306 conclusively with stop loss at 6270. They may go short only if Nifty falls below the 6214 mark with stop loss at 6250.

Mid-term investors may utilize any up-spike to rid their portfolio of non-performers.

In case of weakness, they may consider buying HDFC Bank @ 637.25.

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.

I knew you before you were by Alex Lemon.

      I Knew You Before You Were

Rusty chains coiled in the cardboard box

I carry to the dumpster & all I am

Thinking is my face is falling off and is yours

Under it and or is someone’s I don’t

Even know—further down, a stranger,

A dead man, a saint, or just a sprawl

Of gravel and then I’m thinking this other thing—

There’s a snake in the box, black tailed

& then more: there’s a bottomless immensity

Beneath my feet and what a sacrifice

It is each day just to get by, this alchemy,

This fevered life: illness and love,

Lockjaw and slow motion kidnappings—It is what

It always is—chronic dying, shivering with

Unbelievable joy and not knowing a damn thing

About anything as lightning

Jigsaws the horizon. At the garbage pile, I pause—

Take a deep breath and sit on the curb.

Like they’re being sucked into the sky,

The trees’ limbs lift. No cars on

The street—so quiet. So hushed I can

Hardly breathe. Thousands of lives

Are piled into all this dirt we walk

On and I’m waiting, saving it all for you.

                                 ... by Alex Lemon

On the Indian Stock Markets. December 24

The key resistance of 6306 acted as a hurdle in last session. The benchmark index must trade above 6289 mark in the initial hour of trade conclusively for the market to go up, in which case the resistances will be at 6312, 6340 and 6262. Otherwise, i.e. below 6289, the market will remain weak and bearish with supports at 6261, 6239 and 6211.

The followers of this blog are cautioned against the volatile moves, which may also set in due to impending settlement. Hence they may trade with strict stop loss.

Intra-day traders may trade accordingly depending on which side of the 6289 mark the index trades. They may go short if the index trades conclusively below 6289 in the initial hour of trading with stop loss at 6306. In case if Nifty trades above 6289 conclusively then they may trade on the long side with stop loss at 6270.

Short-term traders may go long if Nifty trades above 6306 conclusively with stop loss at 6270. They may go short only if Nifty falls below the 6214 mark with stop loss at 6250.

Mid-term investors may utilize any up-spike to rid their portfolio of non-performers.

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.

On the Indian Stock Markets. December 23.

The followers of this blog are reminded that the settlement of the December 2013 Future and Options series is on December 26 and that this being a truncated week as the markets will remain closed on December 25 on account of Christmas, the markets may turn erratic and one may exercise caution. There may be extreme fluctuations in prices both due to settlement and also because volumes may thin out as the major movers especially the foreign fund managers tend to be on leave in the year end.

That being said, the benchmark index must trade conclusively above 6243 mark in the initial hour of trade for the market to go up, in which case the resistances will be at 6316, 6357 and 6430. Otherwise, i.e. below 6243, the market will remain weak and bearish with supports at 6201, 6128 and 6087.

A major resistance is at 6306 and if this is conquered conclusively with good volumes and/or on closing basis, then one may expect fresh longs which will propel Nifty up towards new highs.

Intra-day traders may trade accordingly depending on which side of the 6243 mark the index trades.  In case if Nifty trades above 6243 conclusively then they may trade on the long side but with strict stop loss at 6240. Otherwise they may go short if the index trades conclusively below 6243 in the initial hour of trading with stop loss at 6310.

Short-term traders may stay away from trading in Nifty unless the benchmark index conquers the resistance of 6306 conclusively in which case they may go long with stop loss at 6395. They may also consider trading in Tata Motors on the long side raising their stop loss from 360 to 365 and get out around 386..

Mid-term investors may consider selling 10% of their holdings in HCL Tech at 1290.95 and consider buying HDFC Bank @ 642.6 & 637.25 in small quantities.

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.

A Stranger by Lang Leav.

A Stranger

There is a love I reminisce,

like a seed

I've never sown.

Of lips that I am yet to kiss,

and eyes not met

my own.

Hands that wrap around my wrists,

and arms

that feel like home.

I wonder how it is I miss,

these things

I've never known.

                         ....by  Lang Leav

Over the edge- Sarah Jarosz.

Newly released Build Me Up From Bones is  the third studio album from 22-year-old singer-songwriter-instrumentalist Sarah Jarosz. The first single from this melodious album, "Over The Edge”is the song she wrote with Jedd Hughes, a fellow Nashville musician . The amazing lyrics, or the wonderful rendition, its hard to decide which one is better!

The lyrics

Flip the switch and turn the night on

Drop the needle on an old song

Break the ice and pour it my way

Turn the key and light the highway

Lay me down beneath the shadows

Meet me where the wild things grow

Kick the moon and watch it shatter

I don’t mind if it don’t matter

Hanging out

Hanging out over the edge

Endless lines of information

Change the words & change the station

Endless cries of complication

Is anybody even listening?

Hanging out

Hanging out over the edge

On the Indian Stock Markets. December 20.

The benchmark index must trade above 6194 mark in the initial hour of trade conclusively for the market to go up, in which case the resistances will be at 6237, 6306 and 6166. Otherwise, i.e. below 6194, the market will remain weak and bearish with supports at 6123, 6080 and 6010.

A breach of the key support of 6141 conclusively with good volumes and/or on closing basis will imply that the Nifty will be headed towards the 5946 mark. 

Intra-day traders may trade in January 2014 series from today onwards. They may trade accordingly depending on which side of the 6194 mark the index trades. They may go short if the index trades conclusively below 6194 in the initial trades with stop loss at 6200. In case if Nifty trades above 6194 conclusively then they may trade on the long side with stop loss at 6246.

Short-term traders too may exit all their positions in current series and start trading in January 2014 series. They may continue to short Nifty at higher levels with strict stop loss at 6220. They may go long if Nifty conclusively trades above 6220 mark with a target of 6306. They may consider going long in HCL Technologies with stop loss at 1200 and book their profit within the day or next. 

Mid-term investors may utilize the current weakness to buy Tata Steel by placing bid @ 398.05 and 381.55, buy HCL Tech @ 1202.05 and 1169 and buy HDFC Bank @ 637.30 in small quantities.

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.

On the Indian Stock Markets. December 19.

The markets held the key support of 6141 which is a good sign for bulls. However, it may not be construed yet that we are totally out of woods. That being said, the benchmark index must trade above 6194 mark in the initial hour of trade conclusively for the market to go up, in which case the resistances will be at 6259, 6300 and 6364. Otherwise, i.e. below 6194, the market will remain weak and bearish with supports at 6152, 6088 and 6046.

Intra-day traders may trade accordingly depending on which side of the 6194 mark the index trades. They may go short if the index trades conclusively below 6194 in the initial hour of trading with stop loss at 6226. In case if Nifty trades above 6194 conclusively then they may trade on the long side with stop loss at 6180.

Short-term traders may trade on the short side if market falls below 6141 with strict stop loss at 6180. They may open fresh longs if the market trades conclusively over 6252 mark with stop loss at 6290. Above 6252, it can go upto 6307. They may also consider trading in Tata Motors on the long side with strict stop loss at 360.

Mid-term investors may utilize the current weakness to buy Tata Steel by placing bid @ 398.05 & 381.55 and buy HDFC Bank @ 655.2 & 637.25 in small quantities.

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.

On the Indian Stock Markets. December 18

The market behaved quite in the expected lines in the last session and even gave away the important support of 6141 which definitely is not a good sign as the key support below 6141 is at 5946.

That being said, the benchmark index must trade above 6154 mark in the initial hour of trade conclusively for the market to go up, in which case the resistances will be at 6175, 6211 and 6232. Otherwise, i.e. below 6154, the market will remain weak and bearish with supports at 6117, 6096 and 6060.

A breach of the key support of 6141 conclusively with volumes and on closing basis will imply that the Nifty will be headed towards the 5946 mark.

Intra-day traders may trade accordingly depending on which side of the 6154 mark the index trades. They may go short if the index trades conclusively below 6154 in the initial hour of trading with stop loss at 6168. In case if Nifty trades above 6154 conclusively then they may trade on the long side with stop loss at 6240.

Short-term traders may continue to trade on the short side at higher levels with strict stop loss at 6252. They may also consider trading in Tata Motors on the long side with strict stop loss at 360.

Mid-term investors may utilize the current weakness to buy Tata Steel by placing bid @ 398.05 & 381.55, buy HCL Tech @ 1138.30 & 1102.25 and buy HDFC Bank @ 655.2 & 637.25 in small quantities.

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.

On the Indian Stock Markets. December 17

The only take away from last session’s trade is that the critical support of 6141 held, otherwise all the technical indicators indicate weakness.

That being said, the benchmark index must trade above 6161 mark in the initial hour of trade conclusively for the market to go up, in which case the resistances will be at 6177, 6199 and 6214. Otherwise, i.e. below 6161, the market will remain weak and bearish with supports at 6139, 6124 and 6102.

A breach of the key support of 6141 conclusively with volumes and on closing basis will imply that the Nifty will be headed towards the 5946 mark.

Intra-day traders may trade accordingly depending on which side of the 6161 mark the index trades. They may go short if the index trades conclusively below 6161 in the initial trades with stop loss at 6175. In case if Nifty trades above 6161 conclusively then they may trade on the long side with stop loss at 6161.

Short-term traders may continue to trade on the short side at higher levels with strict stop loss at 6257. They may consider going long in Tata Motors for a day or two with strict stop loss at 360.

Mid-term investors may utilize the current weakness to buy Tata Steel by placing bid @ 398.05 and 381.55, buy HCL Tech @ 1158.65 and buy HDFC Bank @ 677.45 and 666.55 in small quantities.

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.

On the Indian Stock Markets. December 16

The benchmark index must trade above 6180 mark in the initial hour of trade conclusively for bulls to return in which case the resistances will be at 6198, 6227 and 6245. Otherwise, i.e. below 6180, the market will remain weak and bearish with supports at 6150, 6132 and 6103.

Intra-day traders may trade accordingly depending on which side of the 6180 mark the index trades. They may go short if the index trades conclusively below 6180 in the initial trades with stop loss at 6200. In case if Nifty trades above 6180 conclusively then they may trade on the long side with stop loss at 6200.

Short-term traders may continue to trade on the short side with strict stop loss at 6263. They may consider going long in Tata Motors to sell it in a day or two with strict stop loss at 360.

Mid-term investors may utilize the current weakness to buy Tata Steel by placing bid @ 409.75, 398.05 and 381.30, buy HCL Tech @ 1157.1 and buy HDFC Bank @ 677.45 and 666.55 in small quantities.

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.

Understanding trading concepts Part I - Call Option.

Suppose a share is available at 100 bucks and one bets one's money on the cost of the share going up. In such a scenario he buys, say 100 shares for which he has to invest 10,000 bucks. Now suppose the stock gained by 25% and the owner sold it at 125 bucks he would have made a cool profit of 2,500 bucks. But if instead of buying and selling the shares, if one were to trade an option, the profit derived out of putting the same amount of money on exiting the trade at 125 bucks on the hundred buck stock will yield a manifold profit. Here is how it works. But first one ought to understand what exactly an option is.

An option is a contract by which the buyer of the contract (i.e option) has the right to buy or sell a specified number of shares at a specified price on a particular date. But he is under no obligation to buy or sell. In other words he is under no compulsion to buy or sell.

There are two types of options available in the stock market. Call option and Put option.
Let us explain a bit more. It is important to get the concept.

A Call option of a share is a contract, the buyer of which has the right to buy specified quantity of the share at a specific price. But he has the choice to not to buy the shares if he does not want to buy. 

Every month there is a settlement date which happens to be on the last Thursday of every month in India. On the last Thursday of a month the options of that month expire. It is on this day that the buyer of an Option my choose to buy (or not to buy) the underlying share of the contract.

Let us assume that there is a company GAMBIT-GAMEIT listed in the stock exchange and that its Options too are available in the exchange.

Suppose you think that the cost of the share is likely to go up to 125 bucks till the settlement date. So if today you enter into a contract wherein you agree to buy say 100 shares of GAMBIT-GAMEIT at 100 bucks on the settlement date, i.e. on the date on which the contract expires, then you can buy 100 shares at 100 bucks on the date of expiry and sell them at 125 bucks the same day collecting a cool 2,500 bucks per option.

But herein lies the catch. The contract or option is between two people. The seller of the contract, called Option writer, sells the contract at a price called 'ask price'. 
The price at which the contract got bought in the exchange goes to the Option writer.

Every share's options have a specified strike price. The strike price of the option in our example is 100. The strike price of a call option is the specified price at which the buyer of the contract has the right to buy the underlying share.

The option is traded in the stock markets just like the shares with ask and bid prices. Bid price is the price that the prospective buyer of the option is willing to pay to the seller for the option.  

Now let's say the Call option of our underlying scrip GAMBIT-GAMEIT of strike price 100 bucks is available at a price of 2 bucks. Lets assume that one lot of Call option of the scrip consists of 100 shares then the buyer of the GAMBIT-GAMEIT Call 100 will pay 200 bucks to the seller. Now if the share price goes up to 125 bucks then you will have received 2,500 bucks by exercising the option and buying at 100 while selling at 125 on the same day i.e. the settlement date. But as you had put in only 200 bucks while buying the contract you gain 2300 bucks (2500-200) which in percentage terms is many fold. If you had bought the stock for 10000 bucks you could have bought only 100 stocks whereas if you had bought Call options for 10000 bucks you would have bought 50 contracts for the same amount. That is the power of options.

Now suppose the stock did not trade above your strike price and in fact slipped down to 90 bucks then the maximum amount you loose per contract is 200 bucks.

Thus your profits can be unlimited while loss is limited.
However, it is only in theory that the owner of stock call option buys at strike price and sells at actual price. In practice one buys and sells Options just like shares. If the price of a share increases, the the price of the Call Option too increases and one sells the option he had bought earlier and makes handsome profits. On the other hand the loss is limited to the cost of the option which is very small in comparison to the cost of the underlying share. Options are also available for index. One may click on the following link to see the bid and ask price of Call and Put Options of the index 'Nifty' of expiry date 26/12/2013 as on 13/12/2013.
Option Chain of Nifty
We will explain Put Options in a subsequent article. (Click here for part II - Put Option)
If the followers of this blog have not traded options, they are advised not to trade in options till they become well versed. We will be publishing more of such tutorial posts and will advice the followers to start trading only after we have finished this series.  

  

Long story.

Butterflies on the roof of the world by Peter Smetacek

In this book which is a fascinating journey across Himalayan high reaches of Laddakh and Uttarakhand hills, Peter introduces you to a world of butterflies, their species and behavior and explains our dependence on their well being. Written in a lucid witty prose, this book is a compelling read. 

In a scale of 10 we give it 9. 

Breathless by Al Saddiq Al Raddi

Breathless

Your heart thumps - 

as if she were already 

at your door. 

Or - as if expecting her - 

all the birds in the midday sky 

arrive to clamour at your window. 

An age of patience. 

A forest of fluttering.

        ......................by Al Saddiq Al Raddi

The original version of the poem was in arabic. It was translated into the English version by 

Sarah Maguire 

This week's poem  is "Breathless" by the1969 born Sudanese poet Al-Saddiq Al-Raddi, now granted asylum in UK. It's translated from the Arabic by Sarah Maguire.

'Breathless' is a tender love poem written in fragments, dotted with pauses, in which nature marries emotions. The choice of words show much more than an eager wait, it's a surety of the coming of love. The poem itself is the antonym of the Age of Patience, it is an ageless wait for the beloved.

The original version

لهاثْ

translated poem

by الصادق الرضي

كأنَّها تَقتربُ من البابِ

تسمعُ دقات قلبِكَ

أو 

كأنك في انتظارِها

تَحْضُرُ طيورُ الضُّحى 

وتَصْطَفُّ على النافذةْ

.........

ساعةٌ من الصَّبرِ

غابةٌ من الهديلِ والشقشقةْ.

Weekend music Kronos Quartet with Bryce Dessner

Kronos Quartet Bryce Dessner  perform 'Aheym'

Kronos Quartet is string quartet American band that recently celebrated their 40th Anniversary with a sold out performance at Zellerbach Hall, U C Berkeley in December 2013Using two violins, a viola and a cello, the style and content of their new age music  touches on music from every corner of the world , while covering a wide repertoire.

Bryce Dressner is a composer and guitarist is currently a composer-in-residence at Muziekgebouw Eindhoven.

In November 2013, the Antirecords record label released the album Aheym featuring the first recordings of Bryce’s compositions, performed by the Grammy award winning Kronos Quartet .The album include his compositions “Tenebre,” “Little Blue Something,” Tour Eiffel,” and “Aheym. Bryce wrote, “Aheym,” (meaning “homeward” in Yiddish), was inspired by the stories of his Jewish immigrant grandparents who settled near the park when they arrived in Brooklyn. A tough composition, its a wonder to listen to .

On the Indian Stock Markets. December 13

The benchmark index must trade above 6252 mark in the initial hour of trade conclusively for bulls to return in which case the resistances will be at 6272, 6308 and 6330. Otherwise, i.e. below 6252, the market will remain weak and bearish with supports at 6216, 6195 and 6159.

Intra-day traders may trade accordingly depending on which side of the 6252 mark the index trades. They may go short if the index trades conclusively below 6252 in the initial trades with stop loss at 6289. In case if Nifty trades above 6252 conclusively then they may trade on the long side with stop loss at 6235.

Short-term traders may trade on the short side if Nifty trades below 6237 with strict stop loss at 6289.

Mid-term investors may utilise the weakness to buy Tata Steel by placing bid @ 409.75, 398.05 and 381.30  and buy HCL Tech @ 1157.1 in small quantities.

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.

On the Indian Stock Markets. December 12.

The markets behaved quite in expected lines in the last session. The silver lining is that the index did hold above the critical support of 6300 on the closing basis. The technical charts indicate that the undercurrent is still bullish inspite of a consecutive fall in the last two sessions.

That being said the deciding point for today's session is at 6305 and Nifty must trade above this point to resume its upward journey in which case it will face resistances at 6331, 6351 and 6379. Otherwise it will remain soft and weak with supports at 6283, 6258 and 6236.

Intra-day traders may trade accordingly i.e. go long of the nifty trades above 6305 mark in the initial hour conclusively with stop loss at 6295. Otherwise they may trade on the short side with stop loss at 6320.

Short-term traders may go long if the Nifty trades above 6365. They may open shorts if the index trades below 6250.

Mid-term investors may consider selling 10% of their holdings in HCL Tech @ 1203.25.

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.

On the Indian Stock Markets. December 11.

The markets remained soft throughout the last session which was quite along expected lines and the support of 6304 held which implies that the underlying current in the market is pretty much bullish. 

That being said, the critical point for the day is at 6334 and if the benchmark index trades below this level, then it will soften a bit more with supports at 6306, 6279 and 6251. Otherwise it will consolidate with a bullish bias with resistances at 6361, 6389 and 6416. However if the Nifty dips below the 6300 mark then new shorts may emerge and above 6375 mark fresh longs will be built into the system.

Intra-day traders may trade accordingly depending on which side of the 6334 mark the index trades in the initial hour. Stop loss for longs may be placed at 6300.

Short-term traders may go short below 6300 levels and long above 6375. Those who had played on the long side in ONGC as advised in our earlier post might have profited well.

Mid-term investors may utilize the current consolidation to bid HCL tech @ 1140.05. They may also rid their portfolio off of the non-performers.

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.