The market behaved quite in expected lines as we had predicted in our previous post.
The index will remain weak with supports at 5983, 5949 & 5886 if it trades below the 6046 mark in the opening hour of trades. Otherwise, the resistances will be at 6080, 6142 & 6177.
Our outlook is that the market will continue to be weak and may test 5942 mark. If the nifty breaches 5942 conclusively then fresh shorts will emerge.
Intraday traders may trade on the short side with stop loss at 6072.
Short term traders may too play on short side with stop loss at 6183.
Mid term players may utilize the weakness to add Tata motors @ 354.05 ITC @ 311.05 & Hcl tech 1058.35.
The index will remain weak with supports at 5983, 5949 & 5886 if it trades below the 6046 mark in the opening hour of trades. Otherwise, the resistances will be at 6080, 6142 & 6177.
Our outlook is that the market will continue to be weak and may test 5942 mark. If the nifty breaches 5942 conclusively then fresh shorts will emerge.
Intraday traders may trade on the short side with stop loss at 6072.
Short term traders may too play on short side with stop loss at 6183.
Mid term players may utilize the weakness to add Tata motors @ 354.05 ITC @ 311.05 & Hcl tech 1058.35.
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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