Our outlook continues to be negative for the Nifty in the immediate term with the key support pegged at 5973.
The direction of trade today will largely be decided on the basis of which side of the 6080 mark the benchmark index trades in the initial hour of trade. In case it trades above 6080, then the resistances will be at 6102, 6115 and 6133. Otherwise, it will remain weak with supports at 6071, 6054 and 6041.
Intra-day traders may trade accordingly with stop loss for longs at 6080 and that for shorts at 6115.
Short-term traders may play on the short side and in case of a dip in the index, they may cover their shorts.
Mid-term investors may stay away from the market today and just wait and watch.
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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