In our previous Nifty View, it was written that Nifty faces tough resistance at 6040. Longs can book out near these levels and short at rises with 6040 as stoploss. Nifty could not cross 6040 during the day. First support was given as 5940 and first resistance at 5965. Nifty made a low at 5951 in the opening and once it crossed the first resistance at 5965 and then took support multiple times near that area (Oval portion in chart), we went long and booked handsome gains of 50+ points in Nifty Future.
Now for the day, Nifty spos first resistance again comes near 6035-6040 area. Positive global cues may give it a good start. Traders should wait and see if it sustains above 6035-6040 in the first 30-40 minutes. If it does, one can go long for targets of 6065-6080. Support for Nifty comes at 5990-6000 now. If falls below this levels, can again correct upto 5965-5950 levels.
Since lot of calls are written at 6000 CE and 6100 CE, these guys will try hard to push it below 6040 on closing basis. However, if these guys are forced to cover, we can again see a runup towards 6100 and then towards all time highs. Watch the change in open interest in options during the day to get an idea of the unfolding move. Failure to cross 6040 can again retest lower levels near 5900 before expiry.
27 Sep: Nifty spot resistance at 6035-6065-6080. Support at 6000-5985-5965-5930 - www.niftypower.com
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