In our Yesterday's View, it was given that above 6035-6040, Nifty would target 6065-6080. Nifty did not give us a chance to buy, however, we waited for it to resist around our resistance zone of 6065 and when it reached overbought conditions (see attached chart), took a short trade for a gain of 30-35 points.
It was also given that the 6000 CE and 6100 CE writers would try hard to push Nifty below 6040 on closing basis. Nifty has closed at striking distance of our decision point of 6035-6040. Tomorrow's move will now give an indication of the next move.
For the day, watch the levels of 6030-6010 on the downside for support. Break of 6010 can initiate some intraday selling towards 5980-5960 levels. On the upside, tough resistance now comes near 6050-6065 levels.
Sep 28: Nifty spot resistance at 6050-6065-6090. Support at 6030-6010-5980-5960 - www.niftypower.com
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