Nifty hasn’t been able to sustain above 6000 spot levels which should be a cause of concern for those holding long positions. Overall, the uptrend has softened a bit which has not been truly dominated by short sellers till now.
The phase of consolidation has kept some of the major buyers away from buying in around 6050-6100 spot range – in short run. This has been directly visible in the market movements.
In the coming days, traders need to see whether BSE Sensex succeeds to hold above 19400 levels or not.