After a huge gap up and a new high, Nifty is in a correction
mode since last 4 days including today. We have a very good support at 6240. A breach
of this level on closing basis, definitely make the bulls worrying.
6170 / 6180 is another good support on down side. We already have a great & make or break support at 5970 / 6000, we discussed in earlier posts. But at this point in time the discussion is irrelevant as I guess 6240 should hold on closing basis. If closes above 6240, will create a very good signal for bulls as this is a second week of sustaining above 6240. Once we close above this tomorrow, we will see new & higher highs in a few weeks. Break of 6240 OR 6000 will make a very position to decide to go long OR short.
6170 / 6180 is another good support on down side. We already have a great & make or break support at 5970 / 6000, we discussed in earlier posts. But at this point in time the discussion is irrelevant as I guess 6240 should hold on closing basis. If closes above 6240, will create a very good signal for bulls as this is a second week of sustaining above 6240. Once we close above this tomorrow, we will see new & higher highs in a few weeks. Break of 6240 OR 6000 will make a very position to decide to go long OR short.
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