Nifty back in the upper band trading zone of 6060-6135 today after a huge gap up. VWAP @ close is 6145. Nifty closes at 6117.55.
1) A flattish or gap up opening tomorrow means going long above 6135-6155 for target of 6190-6220. Stop loss in such a scenario will be 6100.
2) Gap down opening and break of 6100-6090 levels means Nifty will retrace to 6060-6045 levels and if these levels are sustained then crossing 6120 levels and 6135 will be hurdles again. Today again 6135 has not been tested and this level needs to be taken out first.
3) Tomorrow could be a range bound day and the most likely range that will emerge to trade is 6045-6060-6125-6190-6250. The level of 6090-6100 will be crucial support this week and remaining above these levels makes the technical levels stronger over the next couple of days. With Diwali round the corner and good results of the index heavy weight RIL and strength of Bank Nifty, up trend seems to be a strong possibility this week and the level of 6200 resistance will be taken out quite easily.
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