In the short term, Nifty is likely to rally towards 6500 in coming weeks and this view holds good as long as it stays above 6120. If the level 6120 is not violated, then it is likely to bounce from current levels and a move above 6250 would confirm the termination of the correction. Instead, if it fails to hold above 6120, then it could decline towards 5950-6000 levels.
Extreme Short term
In the extreme short term, the levels 6120 and 6250 are crucial.
Today, if Nifty sustains above 6150, then it is likely to test 6250 and above 6250, it could test 6300. Instead, if it fails to hold above 6150, then it could decline to 6120 and below 6120, it could test 6080.
Now the crucial level is 6120. Be long above this level and be short below this level.
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