On the Indian Stock Markets. Novemeber 22.

The followers of this blog might have noticed how the Nifty tumbled yesterday on account of its inability to conquer the key resistance of 6201.

The deciding point for today's direction is at 6027 and unless the benchmark index trades conclusively above this level in the initial trades one may expect a further down slide with possible supports at 5946, 5915 and 5845. However, if the index trades below 5946 then one might expect further fresh shorts being built into the system.

Intra-day traders may trade on the short side if the index trades below 6027 conclusively with stop loss at 6054. However, if it manages to stick its head above the 6027 mark then one may go long with stop loss at 6010.

Short-term traders may go long in the December series at lower levels if it weakens down to below 5910 levels.

Mid-term investors may bid HCL Tech @ 1058.45 and 1007.05, Tata steel @ 379.1 and Tata Motors @ 372.8.

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.