The markets held the key support of 6141 which is a good sign for bulls. However, it may not be construed yet that we are totally out of woods. That being said, the benchmark index must trade above 6194 mark in the initial hour of trade conclusively for the market to go up, in which case the resistances will be at 6259, 6300 and 6364. Otherwise, i.e. below 6194, the market will remain weak and bearish with supports at 6152, 6088 and 6046.
Intra-day traders may trade accordingly depending on which side of the 6194 mark the index trades. They may go short if the index trades conclusively below 6194 in the initial hour of trading with stop loss at 6226. In case if Nifty trades above 6194 conclusively then they may trade on the long side with stop loss at 6180.
Short-term traders may trade on the short side if market falls below 6141 with strict stop loss at 6180. They may open fresh longs if the market trades conclusively over 6252 mark with stop loss at 6290. Above 6252, it can go upto 6307. 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 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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