Hi All,
As mentioned in my earlier post on Friday, markets may have some support near 6135-6200 levels..
Today Nifty hit a low of 6146, bounced back sharply till 6170-75 however could not hold on these gains and closed finally at 5154.70......
6140 level is also 61.8% retracement of the recent rally from 5970-6415, and should be respected if the markets are eying higher levels...
Low risk traders can think of taking a small risk, high reward, high probability trade with SL below key supports.... Below 6135, short term bias will change with targets near 6030-5970...
Mid term bias will remain positive till the time Nifty holds 5970-5950 levels...
Regards
Hrishi
As mentioned in my earlier post on Friday, markets may have some support near 6135-6200 levels..
Today Nifty hit a low of 6146, bounced back sharply till 6170-75 however could not hold on these gains and closed finally at 5154.70......
6140 level is also 61.8% retracement of the recent rally from 5970-6415, and should be respected if the markets are eying higher levels...
Low risk traders can think of taking a small risk, high reward, high probability trade with SL below key supports.... Below 6135, short term bias will change with targets near 6030-5970...
Mid term bias will remain positive till the time Nifty holds 5970-5950 levels...
Regards
Hrishi
