On the Indian Stock Markets. December 16

The benchmark index must trade above 6180 mark in the initial hour of trade conclusively for bulls to return in which case the resistances will be at 6198, 6227 and 6245. Otherwise, i.e. below 6180, the market will remain weak and bearish with supports at 6150, 6132 and 6103.

Intra-day traders may trade accordingly depending on which side of the 6180 mark the index trades. They may go short if the index trades conclusively below 6180 in the initial trades with stop loss at 6200. In case if Nifty trades above 6180 conclusively then they may trade on the long side with stop loss at 6200.

Short-term traders may continue to trade on the short side with strict stop loss at 6263. They may consider going long in Tata Motors to sell it in a day or two with strict stop loss at 360.

Mid-term investors may utilize the current weakness to buy Tata Steel by placing bid @ 409.75, 398.05 and 381.30, buy HCL Tech @ 1157.1 and buy HDFC Bank @ 677.45 and 666.55 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.