On the back of strong up move in US markets, Nifty Future opened firm and after initial hesitation, gathered pace by mid session and in the last 30 mins made day's high of 6152 and closed firm at 6135. The move was largely a result of strength displayed by Reliance.
As we approach key resistance level at 6200 tomorrow, we will know whether we have more upside left or this was just a pull back rally. I would suggest it would be better to go short as Nifty Future approaches 6190 levels with stop loss of 6225. On the down side, it will have support at 6125 and 6090.
In case of weak opening, one can consider buying with stop loss of 6075. On the higher side it will find resistance at 6155 and 6190 levels.
All the best.
Tomorrow's movement may be critical for the market from the weekly Point of view as well as its reaction near 6200 levels, hence we can expect above average volatility.
In case of close above 6135, we can expect Nifty Future to test the previous high of 6336 next week.
All the best.
