On the Indian Stock Markets. January 7.

The followers of this blog might have noticed how precise our predictions were in our last post. Except for the opening blip, the Nifty remained below 6201 mark and therefore the benchmark index remained weak throughout the last session.

Our outlook for today is that 6203 will act as a resistance today and the Nifty must trade above this level to be bullish. Otherwise it will continue to remain weak although in somewhat consolidation mode with supports at 6188, 6141 and 6111.

The intra-day traders are advised to play accordingly i.e go long if the Nifty trades conclusively above 6203 in the initial hour with stop loss at 6182. Otherwise they may play on the short side with stop loss at 6196.

The short-term traders may continue to play on the short side if Nifty goes up around the resistance levels for the day, which are at 6221, 6250 and 6275 with stop loss at 6286.

Mid-term investors may place bid for Maruti at 1777.95 and Lupin at 917.05 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.