Since the moment it opened for trade today Nifty remained under selling pressure and drifted lower to the mentioned level of 5955. It bounced back towards the latter half of the session and finally ended the day with a loss of 15 points at 5976. Going forward our primary view for Nifty is that it can edge higher to 6040 but the level of 6090 can act as a resistance for next couple of sessions. An alternate and an equally likely scenario is that if Nifty fails to sustain above 5990 then we may see further correction till 5925 atleast. However our overall view for Nifty remains bullish till the time it trades above 5800 and we recommend buying on declines.
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