TECHNICAL ANALYSIS OF NIFTY

The Nifty has strong support at around 6100-6080. On the way up, it will meet resistance at 6230-6250 before it heads north towards 6300-6350. Its all-time high stands at 6357. On daily candlestick chart, the Nifty has formed an shooting star pattern. This has to be dealt with caution as a close below 6130 is likely to confirm reversal in the short term.