Weakness in Nifty: Short Term View

Nifty - Daily
In the past 2 sessions, Nifty has lost 200 points without stopping at any level and has broken and closed below the 34DMA and the 50DMA. 6130 is a strong support for Nifty and technically we can see some pause in the bearishness and some pullback coming in. On the bullish side, if Nifty crosses 6160, then we will see a 25 point upmove to 6185-6188 levels which is the first resistance. Above 6188, 6210(50DMA) is the target for Nifty and above that 6240 (34DMA). 6260 is a major hurdle for Nifty and most probably it won't be broken in January. On the bearish side, if Nifty breaks below 6130, then we will see a fall till 6000 levels which will be the medium term support.

i) BUY above 6160, SL: 6145, TGT: 6185.
ii) BUY above 6190, SL: 6175, TGT: 6210.
iii) SELL near 6260, SL: 6300, TGT: 6190-6150.
iv) SELL below 6130, SL: 6160, TGT: 6070-6030-6000.
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