The readers of this blog might have noticed that the Nifty could not conquer our predicted resistance of 6020 conclusively yesterday and therefore it may be concluded that the bull run yesterday can be attributed to the settlement blues effect which cannot be ruled out, as we are not out of the woods as yet. However above the 6220 mark one can safely assume that at least the bears are out for a while. The Nifty ought to conquer the 6201 mark before it can be concluded to have resumed its bull run.
That being said, the critical point for today's direction depends on which side of the 6092 mark the Nifty trades in the initial hour. If above 6092, then there will be a little more upside with resistances at 6147, 6179 and 6234 and in case of under 6092 then the supports are at 6059, 6004 and 5972.
The intra-day traders may trade accordingly with stop loss for longs at 6075 and that for shorts at 6020.
Short-term traders may go long at lower levels with stop loss at 6030.
Mid-term investors may add Tata motors @ 377.75.
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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