There seems to be a bit more of a headroom on the upside as per the technical indicators. That being said, the key point to determine the course of Nifty is at 6252 and the benchmark index must trade above this point in order to go further up with resistances at 6270, 6298 and 6316. Otherwise it will slip down weakening and consolidating with supports at 6223, 6205 and 6177.
Intra-day traders may trade accordingly and go long if the benchmark index trades conclusively with good volumes above the 6252 mark with strict stop loss at 6240. Otherwise they may short the index with stop loss at 6265.
Short-term traders may continue riding their longs and add further to their long positions if Nifty weakens with stop loss at 6177.
Mid-term investors may consider buying HCL Tech at 1284.55 and Maruti at 1746.30 in small quantities.
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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