The key resistance of 6201 will determine the market trend for the immediate term. If Nifty conquers this hurdle conclusively with good volumes then new longs will be built up, otherwise market may cool off towards the crucial support of 6058.
That being said, the trend for today will depend on which side of the 6168 mark the benchmark index trades today in the initial hour of trade. If above 6168, then the nifty will face resistances at 6220, 6251 and 6306. If below 6168, then the supports are at 6134, 6079 and 6047.
Intra-day traders may trade accordingly ie go long if it trades above 6165 and go short otherwise.
Short term traders may go long only if Nifty conquers the resistance of 6201, otherwise they may play on the short side.
Mid-term investors may consider buying Tata Steel @ 380.8, 371.2 and 364.70 and Tata Motors @ 384.9, 377.55 and 371.80 all in small quantities.
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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