Nifty enters the last day of October series tomorrow on a negative note. Today Nifty has broken the 6060 barrier and the low made was 5987 levels very close to 34-DEMA levels. VWAP @ close is 6060. Nifty recovers from the lows to close @ 6013.
1) Tomorrow a short covering rally can be expected and October series might just close around 6060-6090 levels. 6000 CE premium trading above Rs.40 which is an indicator of a close around 6060-6090-6100 levels. Action in 6100 CE tomorrow intra day will also be interesting. Futures prices too are at a premium and trading at 6031 @ close. Reversal point for upside tomorrow will be 6060 levels on spot prices once again.
2) If downside momentum continues and breaks the month low of 5966 tomorrow, then the downside target will be 5862 (55-DEMA) level.
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