On the Indian Stock Markets. January 3.

As we had been advocating, there was a clean breakout in the previous session and as the direction was not clear, the benchmark index first touched 6358 before loosing all gains. The only takeaway for the bulls is that the key support of 6214 did hold on the closing basis.

The immediate resistance for the day is at 6263 and below this point the Nifty will continue to be weak and at best in consolidation mode with supports at 6217, 6177 and 6141. Otherwise i.e. above 6263, it will still remain weak and consolidate with resistances at 6302 and 6315.

Intra-day traders are advised to play on the short side with stop loss at 6263.

Short-term traders too may play it on the short side but with stop loss at 6302.

Mid-term investors may consider buying Tata Steel  @ 412.30 and 393.8 and Maruti @ 1734.85 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.