Intraday Update 1

As expected there was not threat to 6100 psychological level since the opening of the market. Taken long @ ORB as well as PIVOT point @ 6178. Now RBI has given positive surprise to market. So NS might heading towards 6300. Will review there long position.Today will watch NS 6175 if gone there in remaining session. (chances are remote.)

Trade Sheet

Nifty.....S....6133/6120/6100....R....6154/6175/6200

Nifty closed below 61.8 % level (6142). Bounce got sold and made new low. It was expected as the trend is DOWN. But looking at oversold status and 6100 psychological level fall may get pause in a day or two. Tomorrow weekly close below 6105 (weekly LEMA) will signal negative with downward momentum strong on medium time frame. Today being event day (RBI credit policy)volatility expected. Today close above 6177/6187 will signal downward momentum getting weak.