Nifty opened on a lackluster note and remained under selling pressure on Friday. Though profit taking dragged it down, it found support at lower levels and bounced back. Despite the bounce it ended the day with a loss of 19 points at 5992. The way we are analyzing the present move of Nifty we feel that it may open positive on Monday but the level of 6040 would serve as a stiff resistance. In our view the gains might not sustain and there may be another round of profit taking which can drag it down to 5945 atleat and lower in next one or two sessions. Our overall view for Nifty is that the bounce back that started late last week may take it higher to 6090 albeit we might have to endure a phase of corrective decline before that.
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