On the Indian Stock Markets. November 20.

As indicated in our previous post, the 6201 mark cannot be said to be conquered conclusively and the benchmark index kept hovering around this mark. The immediate trend depends very much on whether 6201 gets conquered or not even though the technical charts indicate a little more of an upside.

The resistances for the day are at 6217, 6231 and 6249 and the supports are at 6184, 6166 and 6152.

Intra-day traders may trade accordingly depending on which side of 6201 mark the Nifty trades in the initial hour of trade with stop loss for longs at 6191 while that of shorts at 6201.

Short-term traders who are riding the longs in line with our advise may continue to do so and may even add more calls if Nifty slides and weakens but with strict stop loss at 6064. In case of an up move they are advised to square off all the positions around 6250-6280 levels in the November series.

Mid term investors may consider buying Tata Motors @ 386.65 and 372.55 and Tata Steel @ 377.7 and 366.05 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.