As we saw Nifty trading in tight range throughout the week, we are now seeing that this consolidation cannot be ruled out to more extend. So a positive breakout is expected targeting 6070 levels followed by short covering and fresh long positions.
When we talk about nifty futures we are more likely to bounce back to 6070 levels. Technically nifty is having strong resistance at 6070 level. Support at 6005 and 5979.
Our trading strategy for next week 27 December 2010 : Buy nifty near 6011 level for target 6070 and 6097. Also place stop loss near 5985.