The Nifty has turned weak and will remain so unless it sticks its head above the 6020 mark conclusively in which case the resistances are at 6040, 6982 and 6115. Other wise the supports are at 5862, 5946 and 5992. In case the key support of 5946 is breached then we will enter a bear phase. This week will also see the expiry of November F&O series which may make the market turn somewhat erratic.
That being said, the Nifty is expected to remain weak today.
The intra-day traders may go long if the benchmark index trades conclusively above 6006 in the initial hour of trade with stop loss at 5995. If it trades below the 6006 mark then one may go short with stop loss at 6020.
Short-term traders may go long at lower levels with stop loss at 5936. If it sinks bellow 5936, then they may open fresh short positions.
Mid-term investors may utilize the weakness and buy HDFC Bank @ 629.6 and Tata Steel @ 378.65.
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.
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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