NIFTY

            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.