Nifty is under a strong phase of consolidations. The levels of 6000 were not broken and now the bulls are slowly and steadily keeping the Nifty on tra
ck for the upper moves. Though these are positive signs for the bulls, the charts have started to show some weakness. The levels of 6080 have become very vital as a close below the same will spell overall weakness while a close above 6115 will bring positive momentum. Domestic institutions have been creating buy positions in the market for last 2-3 days and hence we can expect some positive global news coming over which should help revive the bull momentum. At 6100 Nifty is facing some constant selling pressure and we will advise traders to pick up long positions only above 6120 levels. Below 6080 6070, markets will turn a bit weak.
The trend is still slightly in bear zone but a strong move above 6100 can trigger the bullish sentiment and on downside be very alert below 6070 and avoid any long below 6030 levels.