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Nifty shows strength; may resume up move next week

|Includes: iShares S&P India Nifty Fifty Index ETF (INDY)

$INDY: Key levels for Monday: Nifty spot: SL 6030 Bullish abv 6090. No trade zone: 6045-6090. Major resistance at 6180 zone. Trade: Buy the dips above 6030.

The Nifty gave up about 66% of its gains on Thursday. The FII wave that carried it up on Thursday was enough to convert resistances into supports.

Next week is series expiry week and Nifty could see Index Management as usual. The trend thereafter would depend on FII activity. The data shows a reduced but steady flow. The important change on Thursday was DII sales had abated indicating that at lower levels, the selling pressure was slight.

Disclosure: Long