We had a very bullish move for the Nifty on Monday, as the markets gained 219 points in a day. Hence, for this truncated week, we made some strong moves for our markets, including the bullish move on Wednesday. The markets, thus closed at 6080 levels, (5.45 %) above its previous week''s close. Hence, we have now closed positive for this week after closing negative for the previous week. The market breadth was also positive throughout the week. We had the BSE REALTY, BSE METAL & BSE CONSUMER DURABLES Indices making bullish moves for the last week.

We can observe for the Nifty on the daily charts, that the markets have currently taken a strong support at 6000 levels. We can also notice that the markets have consolidated at the 6000 levels very nicely since the past few trading sessions. But the daily charts also indicate that the markets had bounced back very strongly from its previous short term support at 5700 levels to approximately 6110 levels. But, since that bounce back had happened very fast, the markets should consolidate around the current levels in the short term. Therefore ,we can expect our markets to trade in a sideways range between 6000-6200 levels in the short term.