On the Indian Stock Markets. December 26

The key resistance of 6306 was a hurdle in last session again. Today being the settlement day, caution is advised to the players as the market may turn somewhat choppy even as the technical indicators have turned bullish in the immediate trend.

The benchmark index must trade conclusively above 6277 mark in the initial hour of trade for the market to go up, in which case the resistances will be at 6293, 6317 and 6332. Otherwise, the market will remain weak and bearish with supports at 6253, 6237 and 6213.

Intra-day traders may trade accordingly depending on which side of the 6277 mark the index trades. They may go short if the index trades conclusively below 6277 in the initial hour of trading with stop loss at 6386. In case if Nifty trades above 6277 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.

In case of weakness, they may consider buying HDFC Bank @ 637.25.

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.