In Yesterday's Nifty View , it was written that "... strong support for the market at 5900 levels.... to go long on dips with stoploss at 5925-5905 spot Nifty." Nifty made a low near 5930 levels and bounced back. We, however, tried to short on break of support at 5940, and failed. This is the price we have to pay, for not following our own plan. Intraday indicators and news etc. can blur your vision for the day. One has to be very disciplined in following his trading plan.
Now, after the sharp run up, Nifty has entered the range of 5900/5925-6040 and is concolidating. Longs can book out at these levels and enter only if Nifty takes out 6040 next. Options data show increasing OI at 6000 CE and 6100 CE. Hence, 6040 can be a tough resistance for the Bulls. For the bears, a convincing break of 5900 can bring a safe shorting opportunity. However, Nifty is trading below the support area (see chart below). Try to short on rises till 5980-6000 with a and reverse at 6040 for some good gains.
24 Sep: Nifty spot resistance at 5965-5980-6005-6040. Support at 5940-5925-5905-5885 - www.niftypower.com
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