The intra day resistance of 6118 remained unconquered and the support of 6082 too held on closing basis in the last trading session, which remained dull mostly in our expected lines.
Today being the triple witching day, the intra-day traders should look for the key support of 6085 and resistance of 6118. The moving average convergence divergence is not showing any conclusive signal although the stochastic charts are indicating a bullish undertone. Yesterday being an inside day with lower highs and higher low as compared to the previous session in which case a sharp upside or downside may catch everyone by surprise. The sharp drops or shoot-ups may be utilized to take fresh position for the June F&O series.
The mid term investors may consider selling the non- performers in their portfolio and accumulate the key index stocks in case of a drop. ONGC may be considered in case of drops. The strategy should be to add small lots in case of sell off. The immediate support of ONGC is at 326.80 and bids may be placed for small quantity at around this point.
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