Sell Nifty Futures @ 6200 with stop 6250 for a target of 6050, 5 Octber 2010

Nifty after making a high of 6222, is in a corrective mode. Going by the previous rally, which started of from the low of 5963, has not seen a correction since then. The sharp nature of the rally invites initially a slow correction which would be followed by a sharp correction.

Positional Traders can short Nifty futures at 6200 for a target of 6050 with a stop at 6250. The target can be achieved in another 5 trading sessions.

Nifty Technical Outlook, Positional & Intraday Trading Levels, calls, and tips, 5 October 2010

Today, 6175 is the crucial intraday level for Nifty.

If Nifty sustains below 6175, then it could test 6080.
Instead, if Nifty trades above 6175, then it could test 6230.