On the Indian Stock Markets. December 24

The key resistance of 6306 acted as a hurdle in last session. The benchmark index must trade above 6289 mark in the initial hour of trade conclusively for the market to go up, in which case the resistances will be at 6312, 6340 and 6262. Otherwise, i.e. below 6289, the market will remain weak and bearish with supports at 6261, 6239 and 6211.

The followers of this blog are cautioned against the volatile moves, which may also set in due to impending settlement. Hence they may trade with strict stop loss.

Intra-day traders may trade accordingly depending on which side of the 6289 mark the index trades. They may go short if the index trades conclusively below 6289 in the initial hour of trading with stop loss at 6306. In case if Nifty trades above 6289 conclusively then they may trade on the long side with stop loss at 6270.

Short-term traders may go long if Nifty trades above 6306 conclusively with stop loss at 6270. They may go short only if Nifty falls below the 6214 mark with stop loss at 6250.

Mid-term investors may utilize any up-spike to rid their portfolio of non-performers.

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.