The benchmark index must trade above the 6280 mark in the initial hour of trade today in order for it to go up, in which case the resistances will be at 6301, 6324 and 6345. Otherwise it will go down with supports at 6257, 6237 and 6214.
The intra-day traders may trade accordingly with stop loss for longs at 6250 and stop loss for shorts at 6290.
The short-term traders may go long only if the Nifty captures the key resistance of 6306 conclusively with good volumes.
Mid-term investors may consider buying HDFC Bank @637.25 in small quantities in case of weakness in the counter.
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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