The Nifty remained inconclusive and therefore elusive for the sixth consecutive session. The only silver lining takeaway from Friday's session last was that the key support of 6141 was not breached on the closing basis and the index did bounce back from 6139.6 immediately.
The key mark to look for today is 6183 and if Nifty conquers this resistance then it will go up facing resistances at 6227, 6283 and 6327. Otherwise it will weaken down finding supports at 6127, 6083 and 6028.
Intra-day traders may go long if the index conclusively trades above 6183 mark in the initial hour of trading session with stop loss at 6175. Otherwise they may play on the short side with stop loss at 6210.
Short-term traders may go long only if the index conquers the resistance of 6210 conclusively with good volumes with stop loss at 6150. They may go short if the Nifty breaches the key support of 6141 with good volumes and stays below the 6141 mark for some time with stop loss at 6185.
Mid-term investors may sell 10% of their holdings in HCL Tech at 1344.20. Theymay consider buying Lupin at 917.05 and Maruti at 1746.30.
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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