As we had been emphasizing that we are not out of woods, the market did loose considerable ground yesterday with MACD indicating a bit of downside.
That being said, the key point for today is at 6073 and Nifty will have to convincingly trade above this point for any hope for bulls, in which case the resistance will be at 6098, 6138 and 6163. Otherwise, it will go down with supports at 6033, 6008 and 5968.
It may be understood that all positions should be taken in the December series.
The intra-day traders are advised to go long if it trades above 5973 in the initial hour of trade with stop loss at 6065 and go short below 5973 with stop loss at 6095.
Short-term traders may watch for the 6030 support. If Nifty slides below this point then they may short the market, if this holds then they may go long with stop loss at 6020.
Mid-term investors may buy stocks at rates given in our previous two posts.
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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