Nifty gave another breakout above 6030 spot on Thursday which might have signaled the end of the very short term correction that we are witnessing. This level was held well on Friday. Now the support for Nifty should come at 6030-6015 levels and if it holds this and clears 6120-6130, we can see another breakout and attempt towards 6200-6220 spot. Hence, trade the range of 6030 to 6120 with stoploss and reverse trade 15 points away.
For the day, watch out for 6100 spot on upside and 6030 on the downside. Break above 6100 spot can lead Nifty to test 6120-6130 spot levels. Breakdown below 6030 levels can test 6015-6000 levels. As usual, initiate a trade only at the supports and resistance with small stoplosses for higher probability of winning.
25 Oct: Nifty spot resistance at 6080-6100-6120-6130-6145. Support at 6060-6040-6030-6015-6000-5980 - www.niftypower.com
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Monday, October 25, 2010
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