Nifty continued to move higher in a very tight range. The trend is still cautiously positive as long as it is protecting 6110 level.
As shown in 60 mins chart below, prices are moving higher in an upward channel. As long as this channel is intact the trend will remains positive. Once nifty cross above 6220, prices may kiss 6350 level very soon. If break 6140 will result into break of the channel and so one can now trail stops for existing long positions towards this level.
Nifty is struggling since 2008 onwards around 6350 level which is next big resistance which it has not crossed yet. But momentum looking this time strong and I expect that Nifty should also make life time highs.
However, we are seeing only 4 to 5 max green candles for over a year now. So any consecutive more than 5 green days will provide hint that trend is changing on longer term basis But any move below 6110 will indicate the upside move was another short trend affair only and the range bound movement will then continue.
In short any move above 6220 will infuse buying force upto 6350-6400 level, and any move below 6110 there will be high chances to re taste 5970 level.
