A significant rally of 600 points was seen in Nifty last month which was overruled by profit booking in last 6 trading session. We have been bullish since 5600 levels, also a strong support in nifty is formed around 5911 i.e 50 days EMA. A jump is expected on these broader indices; as we look at the daily charts, Nifty has already formed a strong support around 6000 levels.
Our Preference for This week: BUY NIFTY FUTURES AROUND 6066 FOR TARGET OF 6152 / 6211. STOP LOSS SHOULD BE PLACED AT 6000. AS NIFTY IS LIKELY TO RETURN ON THE TRACK TARGETING 6313 LEVELS, AS SUPPORTED BY BULLISH CHANNEL BOUNDARY.