On the Indian Stock Markets. January 16.

The market is back in bullish mode and will remain so as long as it trades above 6303 which is the key point to decide today’s trend.

If the Nifty remains above 6303 in the initial hour of trade with good volumes then it will face resistances at 6342, 6364 and 6402. Otherwise it will consolidate with a positive bias with immediate supports at 6282, 6268 and 6222.

Intra-day traders may trade accordingly. If the index trades conclusively above the 6303 mark then they may go long with stop loss at 6268. Otherwise they may go short with stop loss at 6310.

Short-term traders may continue to ride longs which we assume they have been doing as per our advice in previous two posts and book profit when index trades around above 6350. They may add further longs in case if the index weakens but they may raise their trailing stop loss from 6177 (as in our last post) to 6274.

Mid-term investors ,may bid HCL Tech at 1284.55, and Lupin at 882.65 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.