The markets behaved quite in expected lines in the last session. The silver lining is that the index did hold above the critical support of 6300 on the closing basis. The technical charts indicate that the undercurrent is still bullish inspite of a consecutive fall in the last two sessions.
That being said the deciding point for today's session is at 6305 and Nifty must trade above this point to resume its upward journey in which case it will face resistances at 6331, 6351 and 6379. Otherwise it will remain soft and weak with supports at 6283, 6258 and 6236.
Intra-day traders may trade accordingly i.e. go long of the nifty trades above 6305 mark in the initial hour conclusively with stop loss at 6295. Otherwise they may trade on the short side with stop loss at 6320.
Short-term traders may go long if the Nifty trades above 6365. They may open shorts if the index trades below 6250.
Mid-term investors may consider selling 10% of their holdings in HCL Tech @ 1203.25.
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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