Nifty
was down 28 points 5,959 . The index hit
low of 5,946 in intraday trade. The index hit a high of 5,970 in intraday trade.The short term downtrend is quite clearly established, the
index is headed for a test of the key support zone around the 5950-mark....
Its
major support zone is located between 5950 and 5930 there is every likelihood
of the Nifty testing this support zone tomorrow. On the way up, in the event of
any recovery, we need to see if the Nifty manages to get past the levels between
6000 and 6010. Unless this is crossed, the weakness would continue and we
should expect selling to resurface with renewed vigor at any point of time. The
bulls would be getting some control back only if they manage to take the nifty
beyond 6020 and close it there.
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RESISTANCE:6000 6030, 6080
SUPPORT :5990, 5950,
5920
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