The intra day traders who read our yesterday's post must have seen that the market even though strong initially it did eventually turn out to be weak as we had envisaged on account of the overbought positions in F&O. Any hope for the bulls is that our suggested support of 6070 held throughout the session as the benchmark index reversed from 6074.45.
For the intra-day traders, the crucial point to look for in today's trades is 6085 which if breached conclusively with good volumes will see the Nifty test the support of 6070 and then 6005. However if the support of 6085 holds and Nifty conclusively trades above 6113 with good volumes then it will meet resistance at 6138, 6159 and 6170. However one must strictly follow stop loss at this juncture if one has to trade and o not leave open positions at the close even if that entails booking of loss.
The mid term investors following our blog might have seen how strong the HDFC Bank and ITC counters have been. They may continue to accumulate these stocks and place bids as indicated in our last post. In case if market goes up, the metal stocks may be got rid of even if at a loss.
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