Nifty has surpassed its resistance area of 5960-5970 levels and as expected faced a little hurdle at the psychological mark of 6000 levels.
It is now likely to have resistance around 6030-6050 and 6100 levels on the higher side.
5980-5950-5900 will be key support areas on the lower side.
There are continuous gaps on the daily charts on the Nifty and Nifty traveled around 100 points in two days so a possibility of a small profit booking can not be ruled out.
I still feel stock specific activities can be more beneficial at this point as Nifty offers a poor Risk reward ration for its bullish bias.
Today profits were booked on Apollo Tyres near 91.1, which was initiated near 87-88 levels
I will update you all on the new entrants in the equities for Short Term.
Regards
Hrishikesh
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