On the Indian Stock Markets. December 30

The key resistance of 6306 was finally taken out in the last session.

The benchmark index must trade conclusively above 6309 mark in the initial hour of trade for the market to go further up, in which case the resistances will be at 6329, 6345 and 6365. Otherwise, the market will remain weak and bearish with supports at 6293, 6273 and 6258.

Intra-day traders may trade accordingly depending on which side of the 6309 mark the index trades. In case if Nifty trades above 6309 mark conclusively then they may trade on the long side with stop loss at 6280. Otherwise they may go short with stop loss at 6315.

Short-term traders may continue to trade long with stop loss at 6300. 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.