In our last Nifty View, it was written we would see another leg up before the correction. Nifty was hovering d 5850 mark at that time. It went upto near 6050 before consolidating. We have seen some good intraday corrections which has resulted in cooling off of the overbought conditions as per below charts.
Support for the Nifty now comes 5970-5940-5905 levels. Resistance for the upmove is at 6005-6040 levels. High OI at 5900 PE indicates a strong support for the market at 5900 levels. If however it breaks this level for any reason, we will see real profit booking and panic selling. Till then, try to go long on dips with stoploss at 5925-5905 spot Nifty.
23 Sep: Nifty spot resistance at 6005-6040-6055-6080. Support at 5970-5940-5905 - http://www.niftypower.com/
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