Nifty opened with gap up but failed to sustain above 6050 level and traded throughout the mid-morning and afternoon session below 6032-6020 level signalling a day for short selling on rise. Nifty broke the all important 6000 support level to trade below it and touched 5980 after 2:30 pm. VWAP @ close 6020.46. Nifty has closed below 6000 @ 5991.
1) Short on rise only with strict stop loss of 6032 for targets of 5966-5930.
2) Long above 6048 only with stop loss of 6032. 6032 is now an important level to watch this week and would work something like an intra day reversal point. A closing above 6060 only will be bullish and a close below 6000 is bearish.
3) The September series has lost the bullish steam a bit after the big breakout and now Nifty needs to find a good support level over the next two to three trading sessions. Last Thursday low of 5932 level could provide the required support to move up to 5985-6000 tomorrow. Till then it is sell on rise market or a decisive close above 6060.
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