The readers of this blog might have noticed how accurate we have been in predicting the direction of the market in the last few sessions and capitalized by following our trading strategies.
Our outlook continues to be negative as the Nifty will continue to weaken and drift lower towards our key support of 5973 and if 5973 is breached today with good volumes and on conclusive basis, then the next support is at 5737.
That being said the direction of trade in today’s session will be determined on the basis of which side of the 6023 mark the benchmark index trades in the opening hour of trade. Above 6023, the resistances are at 6058, 6102 and 6133. Below 6023, the supports are at 5973, 5943 and 5892.
Intra-day traders may trade accordingly with stop loss for shorts at 6058 and stop loss for longs at 6010.
Short-term traders may continue to ride their short positions and even may open fresh shorts at higher levels with strict stop loss at 6102.
Mid-term investors may stay away 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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