12TH OCTOBER NIFTY VIEW

On the back of strong close in US markets, Nifty Future managed to opened with a gap to make the day's high of 6193, but could not sustain the rise and thereafter maintained downward bias to make the day's low of 6137 and closed the day @ 6160 - near the mid point for the day. The highlight for today's trade was strength shown by Reliance and almost 20 points premium in Nifty Future - indicating that the bulls are still in control. Moreover, Nifty Future has made higher top/higher bottom

For Tomorrow, I would continue to retain my view that 6225 remains a strong hurdle, . Once 6225 is taken out, people having short position should be cautious as short cutting itself may help take Nifty Future to a new high ...short positions should be taken near 6200 levels with 6225 or 6250 as a strict stop loss. Alternatively, one can go short below 6090 with Stop Loss of 6125. On the down side it will find support at 6070 - 6050 and 6000.

All the best