After a lackluster opening, Nifty Future remained weak for better part of the day and made a low of 5963 (Oct Future 5985), but in the last hour it made a sharp up move to make a high of 6035 (Oct Future 6047) making it obvious that the up move was a result of FNO settlement. As such, today was a quarterly close which has happened on a bullish note.
Considering that we got an up move only in the last hour, the same remains suspect whether it will continue for tomorrow. I would advise going short at higher levels with a strict stop loss of 6070 or better still 6100. On lower side, it will find support at 5965 - 5949 and 5910. I would advise no long positions for tomorrow, as it will be better to confirm whether there is steam left and get a better view next week. Tomorrow being last day of the week, close below 6000 should indicate weakness ahead .
All the best.
All the best.
