The markets remained soft throughout the last session which was quite along expected lines and the support of 6304 held which implies that the underlying current in the market is pretty much bullish.
That being said, the critical point for the day is at 6334 and if the benchmark index trades below this level, then it will soften a bit more with supports at 6306, 6279 and 6251. Otherwise it will consolidate with a bullish bias with resistances at 6361, 6389 and 6416. However if the Nifty dips below the 6300 mark then new shorts may emerge and above 6375 mark fresh longs will be built into the system.
Intra-day traders may trade accordingly depending on which side of the 6334 mark the index trades in the initial hour. Stop loss for longs may be placed at 6300.
Short-term traders may go short below 6300 levels and long above 6375. Those who had played on the long side in ONGC as advised in our earlier post might have profited well.
Mid-term investors may utilize the current consolidation to bid HCL tech @ 1140.05. They may also rid their portfolio off of the non-performers.
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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