If the index trades below the 6000 mark in the opening hour of trade, then it will weaken further with supports at 5960, 5931 & 5890. Otherwise it will show a bounceback with resistances at 6030, 6071 & 6100.
If the market falls below the crucial support of 5946 on the closing basis conclusively, then we will enter into a bearish market headed towards 5710.
Intraday traders may trade depending on which side of the 6000 mark the Nifty trades in the opening hour i.e. go short if below 6000 with stop loss at 6015.6 & go long if above 6000 with stop loss at 5995.
Short term traders may go short with stop loss at 6056 and book their profits at lower levels. They may watch closely whether the 5946 gets breached conclusively in which case they may initiate fresh shorts.
Mid term investors may bid Tata steel @ 354.3 & Tata motors @ 358.55.
If the market falls below the crucial support of 5946 on the closing basis conclusively, then we will enter into a bearish market headed towards 5710.
Intraday traders may trade depending on which side of the 6000 mark the Nifty trades in the opening hour i.e. go short if below 6000 with stop loss at 6015.6 & go long if above 6000 with stop loss at 5995.
Short term traders may go short with stop loss at 6056 and book their profits at lower levels. They may watch closely whether the 5946 gets breached conclusively in which case they may initiate fresh shorts.
Mid term investors may bid Tata steel @ 354.3 & Tata motors @ 358.55.
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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