Out of the last 9 days of trading, Nifty Future has made new high on 8 of the day. Today was no exception. Though Nifty Future made a new high to 6046 in the early trades, Nifty Future remained muted thereafter and made a low of 5972 and closed at 6012. At best today's movement can be termed as Nifty Future taking a breather after such a big run. As of today, there is nothing to suggest that Nifty Future has topped out or even is considering a correction. Interestingly, for the past 8 days it has not even broken below the previous day's low. I am giving so much detail just to illustrate the money power underlying the current phase of the market. Considering the strength shown in the past few days, please do not expect the market to loose steam overnight - unless ofcourse theree is some unexpected event.
For tomorrow, I would repeat that the resistance level of 6075 could be an important level. One can consider short positions below 5970 with stop loss of 6000. On the down side, it will find support at 5944 - 5900 and 5840 will provide trend line support shown on the EOD Chart. Tomorrow is also an important Gann turn date and hence can be eventful day. As i have been mentioning for some time now, this week could provide a possible turn around and tomorrow has good possibility to do that.
All the best
All the best
