In the last post had mentioned Nifty headed to 5750-5650. We were expecting support around 5750. Although market did touch 5735 in the morning trade but it zoomed back sharply above 5900.

The trendline resistance should now be broken out and index may ideally head to 6050-6100 levels. The FII figures ( not a great believer of that data) were not at all positive. Is it possibly short covering? if that is the case crossing 5950 would lead to further panic covering to 6050-6100.

The move is a bit over stretched but may stall around 6050-6100 or a maximum of 6180. Index traders may look to review at 6100 and how market reacts around that point.

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