As expected, Nifty Future opened with a gap to make a new high of 6318, but could not sustain beyond the first 30 min. There after it spent lot of time around 6255 levels and in the last hour broke the level of 6250 and fell sharply to make a low of 6181 and closed the day at 6198. In terms of Candlestick charts, today's candle is known as a 'Dark Cloud Cover" - suggesting bearishness below today' s low.
By the time we start trading tomorrow, we will have Infosys results out and the market action will be guided by the same.
Tomorrow, one can consider going short below, 6170 with a stop loss of 6205. On the down side Nifty Future will find support of trend line at 6140. If this level is broken, we can expect the start of 'healthy correction'. Further down we will have support at 6125 and 6070. Tomorrow is the last day of the week and any close below 6180 should be considered weak signal for the next week.
It is best to avoid long positions at least till we see 6000 levels.
Please remember, a lot depends on what Infosys delivers tomorrow.
All the best
All the best
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