NIFTY

            NIFTY almost completed and achieved our targets. 6000 was a target and it came down to 6025 and reversed. As we were saying, there is a very strong support between 5970 & 6000, it bounced back from the 6025 level itself. After 2 big gap downs and 344 points downward movement in just 5 days is a big event.

So combining these factors together, we might see a dead cat bounce. After a big fall in just 5 days and reversing from the support zone and closing in a green bar itself suggest some green in

tomorrow’s session. So we have to take care of our shorts in short term at least. But the bias will be negative and we feel that this 5970 will be tested again & we might breach 5970 also in due course of time but that will be discussed later. So as of now keep a proper Stop Loss on shorts and wait for a good bounce to sell again from the higher levels.

Please refer the chart below for better understanding.