The Nifty closed in the last session on an inconclusive note. However, a breakout seems imminent in the immediate course, albeit the direction of breakout is not clear.
That being said, the critical point deciding the trend for the day is at 6176 and if the benchmark index manages to stay above this mark in the initial hour of trade with volumes then we may see it going up with resistances at 6194, 6222 and 6277. Otherwise it will weaken up, giving up more gains with supports at 6159, 6141 and 6099. If the key support of 6141 is breached then we will see Nifty sliding down to the next support of 5946. Otherwise, it can be concluded that a bottom has been made for the immediate term at 6144.75 on Tuesday last. Similarly, if the resistance at 6194 is conquered with good volumes, then we may see Nifty go up towards the next important resistance which is at 6276.
Intra-day traders may trade accordingly and may go long if Nifty trades above the 6176 mark conclusively in the initial hour of trade with stop loss at 6170. Otherwise they may short the Nifty with stop loss at 6194.
Short-term traders may play on the short side unless the Nifty conquers the 6194 mark conclusively. If it trades above 6194 then they may go long to get out around 6276 levels.
Mid-term investors may consider buying Lupin at 917.15 and Maruti at 1793.55.
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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