In the early trades, Nifty Future opened weak and maintained downward bias and made a low at 6008 during the 1st hour and after consolidating at the lower levels it gave a sharp up move during the second half of the day to make the days high of 6136 and closed at 6122 - near the high of the day. Notable feature of today's down move was that it managed to fill the gap which it had left on 1st Oct. and 6000 level provided good support.
There is no doubt that the up move was sharp, but I will continue to treat this as a pull back unless it is able to cross 6240 tomorrow - it is advisable to tread with caution.
On the higher side, it will find resistance at 6165, 6200 and major resistance at 6240. I would continue to advise going short at higher levels at around 6200 with stop loss of 6240. Please avoid going short at lower levels.
Fresh long position may be created (that is if you have to) above 6130 with stop loss of 6100. As indicated above 6165 - 6200 and 6240 will act as resistance levels.
All the best.
All the best.
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