NIFTY AS ON 08/10/2010

As said in the last week update that 6230-6250 shall be profit booking or supply zone for nifty and could not cross 6250 levels now its has breached the trend line and still a convincing follow up selling is needed to confirm downward movement as markets are overbought and MACD has also given downward movement confirming with the trend lines that nifty shall be weak only below 6060 levels on closing bases 

now levels for the week are

Likely trading range for the week is 

6010 - 6190 

buying at 6060 with sl of  6015 for target of 6150

or short at 6150 levels with sl of 6190 

if nifty closes above 6190 shall give upside breakout while if nifty closes below 6010 levels shall given downside breakout 

there are important data next week with infosys guidance on 15th

there are data on 12 and 14 and  15 

and guidance of infosys shall decide the trend of the market by giving some more downside in the coming week so be cautious for upward bias and fresh longs can be made on close above 6230 levels only 
if 6060 levels is breached it could further drift till 5965 - 5895 - 5805