The benchmark index must trade above 6278 mark in the initial hour of trade conclusively for the market to go up, in which case the resistances will be at 6296, 6308 and 6359. Otherwise, i.e. below 6278, the market will remain weak and bearish with supports at 6256, 6218 and 6148.
A breach of the key support of 6141 conclusively with volumes and on closing basis will imply that the Nifty will be headed towards the 5946 mark.
Intra-day traders may trade accordingly depending on which side of the 6278 mark the index trades. They may go short if the index trades conclusively below 6278 in the initial trades with stop loss at 6296. In case if Nifty trades above 6278 conclusively then they may trade on the long side with stop loss at 6256.
Short-term traders may trade on the short side at higher levels with strict stop loss at 6308. They may however go long if Nifty trades above 6310 with good volumes.
Mid-term investors may utilize the current weakness to buy Lupin by placing bid at 882.65 buy Maruti at 1746.30 in small quantities. They may also consider selling 10% of their holdings in HCL Tech at 1424.95.
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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