If the Nifty trades above the 6061 mark today with good volumes, then fresh buying is expected to emerge taking nifty to 6118 & 6223.
Otherwise it will continue to be weak.
The immediate resistance is at 6025 & if the index does not conquer this level, then it will slide with immediate support at 5967, which if breached may see it slide further down to 5920 & 5827 levels.
Intra-day traders may trade on the short side with strict stop loss at 5930. If Nifty trades above 5930 then they may trade on the long side.
Short-term traders may have booked profit in October puts. In case of up move they may add fresh puts if it trades around above 6223.
Mid-term investors may continue to prune their portfolio.
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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