Intraday Nifty:- 31st January, 2014
S&P CNX NIFTY closed below 6100 and below 100 DMA. The bears were all over the Indian Stock Market from early trade but for the last 45 minutes when the Bulls roar back in their own territory to show that they have not yet thrown the towel. The Bull rally may continue tomorrow and take Nifty beyond 6100. The crucial level to watch for tomorrow upside is 6130 once Nifty passes 6100’s test.
The bears have their work cut out tomorrow. Bears will have to keep Nifty below 6125 on closing basis and preferably below 6100. Bears will be on defensive tomorrow because Nifty still is in Bull arena and the last 45 minutes of today’s trade has shifted the momentum towards Bulls. If the Bears can arrest the momentum and close Nifty below today’s low, the February will start on bearish note. Though it seems unlikely tomorrow that Bears will be on offensive. But who knows that the second half or the late hours tomorrow might belong to Bears!!!!
One can long Nifty above 6100 on Friday with the stop-loss at Thursday closing(6074) minus five points. the first target for the intraday long position tomorrow is 6125 and the second is 6145. Do not trade between 6050 and 6100. Short Nifty tomorrow only below 6045 with stop-loss at today’s high at 6083 plus five points. The first target is 6000 and the second is 5975. It seems far-fetched for tomorrow!!!