The Nifty closed in the negative today, down 56 points at 6059. Over the next couple of days it is expected to trend up till 6100. In this period the key support will be at 6000 and resistance will be at 6100.
From the Nifty stock futures, Hindustan Unilever and Tata Global Beverage are expected to move up going forward.
The Nifty has completed an A-B-C correction and also taken support at the lower end of the Bollinger Band on the daily chart. The short-term bias for the market has changed to positive for a target of 6350 with reversal at 5970. The medium-term outlook remains positive as the Nifty has retraced 61.8 percent of the previous rally from 4770 to 6229. The momentum indicator on the weekly chart has given a positive crossover.
On the daily chart the index is trading below the 20-daily moving average (DMA) and the 40-DMA, i.e. 6150 and 6062 respectively. The momentum indicator is trading in negative mode.
On the hourly chart, the Nifty is trading below the 20-hourly moving average (HMA) and the 40-HMA, ie 6066 and 6085 respectively, which are crucial intra-day levels. The hourly momentum indicators have turned negative. The market breadth was negative today with 425 advances and 741 declines on the National Stock Exchange.
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Support for Nifty at 6000: Sharekhan
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