Yesterday,In the morning trade, Nifty Future could not sustain yesterday's sharp momentum and languished with upward bias and managed to make a high of 6166 (as against mid-point level of 6163 for Oct 2010), but then suddenly took an u turn and by end of the day made a low of 6024 and closed at 6044. Though Nifty Future managed to make higher top and higher bottom for the day, the speed with which it gave up the day's gains makes the weakness evident. Notable point for the day's trading was that premium of about 40 points over the spot Nifty, vanished by the end of the day.
For today, it will be advisable to maintain downward bias and go short with stop loss of 6080. In case of weak opening, one can go short below 6000 with stop loss of 6035. On the down side, Nifty Future will find support @ 5970 and major support at 5950.
All the best.
All the best.
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