The Nifty behaved quite in expected lines in the last trading session. Our outlook on the Nifty is that of continued weakness. But, with impending settlement on Thursday, one cannot rule out erratic moves in the index and stock prices.
That being said, they key point deciding intra-day trades is at 6125 and if Nifty trades above this level with good volumes then it will gain with resistances at 6165, 6203 and 6242. Otherwise it will lose ground finding supports at 6086, 6047 and 6009.
Intra-day traders may trade accordingly with stop loss for longs at 6100 and that for shorts at 6140.
Short-term traders may start taking positions in the February series and may play on short side at higher levels.
Mid-term investors may stay away from the market and keep their eyes open as in case if a stock looks buy-worthy, we will publish a subsequent post.
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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