The market behaved quite in the expected lines in the last session and even gave away the important support of 6141 which definitely is not a good sign as the key support below 6141 is at 5946.
That being said, the benchmark index must trade above 6154 mark in the initial hour of trade conclusively for the market to go up, in which case the resistances will be at 6175, 6211 and 6232. Otherwise, i.e. below 6154, the market will remain weak and bearish with supports at 6117, 6096 and 6060.
A breach of the key support of 6141 conclusively with volumes and on closing basis will imply that the Nifty will be headed towards the 5946 mark.
Intra-day traders may trade accordingly depending on which side of the 6154 mark the index trades. They may go short if the index trades conclusively below 6154 in the initial hour of trading with stop loss at 6168. In case if Nifty trades above 6154 conclusively then they may trade on the long side with stop loss at 6240.
Short-term traders may continue to trade on the short side at higher levels with strict stop loss at 6252. They may also consider trading in Tata Motors on the long side with strict stop loss at 360.
Mid-term investors may utilize the current weakness to buy Tata Steel by placing bid @ 398.05 & 381.55, buy HCL Tech @ 1138.30 & 1102.25 and buy HDFC Bank @ 655.2 & 637.25 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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