NIFTY is respecting the support
which we tested during the week ( 5970 / 5950 ). After testing the support,
NIFTY has moved a bit higher but lack of follow up buying, it is not going to
higher levels and just hovering around levels of 6100.
So broadly it is trading in a range
of 6000 & 6100 and consolidating. Our view past few weeks is negative. The bias
is also negative. We all have to treat these kind of move as a dead cat bounce
and should not read too much in this rally.
Still we will add a point here is
that, there is a small resistance at 6140. Now this resistance
crossed successfully
and closed above that, might push NIFTY a bit higher to 6220 / 6240, our old
star level. Then how it behaves, what it does and where it will go, that will
be discussed at that point in time. For now we have to keep in mind that below
5950 we have to go short with 70 points Stop Loss of 6020 and we have to go
long above 6140 / 6150 for very short term trade of 80 / 100 points with a Stop
Loss of 70 points at 6080.
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