The benchmark index must trade above 6252 mark in the initial hour of trade conclusively for bulls to return in which case the resistances will be at 6272, 6308 and 6330. Otherwise, i.e. below 6252, the market will remain weak and bearish with supports at 6216, 6195 and 6159.
Intra-day traders may trade accordingly depending on which side of the 6252 mark the index trades. They may go short if the index trades conclusively below 6252 in the initial trades with stop loss at 6289. In case if Nifty trades above 6252 conclusively then they may trade on the long side with stop loss at 6235.
Short-term traders may trade on the short side if Nifty trades below 6237 with strict stop loss at 6289.
Mid-term investors may utilise the weakness to buy Tata Steel by placing bid @ 409.75, 398.05 and 381.30 and buy HCL Tech @ 1157.1 in small quantities.
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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