The critical point for the day is at 6091 and if the Nifty trades above this in the initial hour of trade then it will be bullish with resistances at 6113, 6135 and 6158. Otherwise it will be bearish with supports at 6069, 6046 and 6024. However, 6120 is the critical resistance above which new longs will emerge in the system.
Intra-day traders may trade accordingly depending on which side of the 6091 mark the market trades in the initial hour. However, stop loss for longs may be placed at 6083. Stop loss for shorts is at 6120.
Short-term traders may go long if the Nifty trades conclusively above 6120 with good volumes. However, if the Nifty falls below 6030 they may short it.
Mid-term investors may bid Tata Steel @ 388.20 and Tata Motors @ 380.05 in case of weakness.
Intra-day traders may trade accordingly depending on which side of the 6091 mark the market trades in the initial hour. However, stop loss for longs may be placed at 6083. Stop loss for shorts is at 6120.
Short-term traders may go long if the Nifty trades conclusively above 6120 with good volumes. However, if the Nifty falls below 6030 they may short it.
Mid-term investors may bid Tata Steel @ 388.20 and Tata Motors @ 380.05 in case of weakness.
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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