Nifty has given a close below 6240 on
weekly basis. Which is not a good sign for bulls. We were expecting a close
above 6240 for consecutive 2nd week. Which might have lead to much
higher levels from here. Unfortunately we have to wait for some more days to
have
enough strong and consistent close above 6240. Till then Nifty might
bounce from a minor support 6180 / 6160. Breach of which and close below that
will show us 6000 approximately.
Being a strong support at 5970, will act
as a barrier for bears. We will see the behavior of price pattern at that point
in time for further analysis. Till then keep focus on 6160 & 6000 for
bounce. One can short Nifty once 6160 breached, with 50 points Stop Loss for
the target of 6000. in case of closing above 6240, one should keep a positive
bias for the targets of 6330 / 6380 and above.
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