The technical indicators suggest that the benchmark index is poised to move up a bit more on the upside. However, the 6321 mark is the key point above which the Nifty will have to trade with good volumes in the initial hour of trade in order to show further gains, in which case it will face resistances at 6344, 6368 and 6390. Otherwise it will remain weak and consolidate with positive bias with supports at 6297, 6275 and 6250.
Intra-day traders may trade accordingly with stop loss for longs at 6295 and stop loss for shorts at 6335.
Short-term traders may continue to ride their longs and add further to their long positions in case of weakness and book profits at above 6375 level with stop loss at 6270.
Mid-term investors may sell 10% of their holdings in HCL tech at 1458.65. They may also consider buying 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.
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