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Expect the Markets to open on a moderately positive note and look for directions. The markets have reversed its gains yesterday and it would be important to see if they continue with their up move and attempt a breakout on the upside again by moving past the levels of 6050. The behavior of the Markets vis-a-vis the levels of 6050 would be important to see if it continues to  consolidate of attempts a breakout.

The levels of 6050 and 6075 shall act as immediate resistance for the Markets. Supports come in bit lower at 5985 and 5950 levels.

The RSI--Relative Strength Index on the Daily Chart is 62.19 and it is neutral as it shows no bullish or bearish divergences or failure swings. The Daily MACD trades above its signal line.

On the Derivative front, the  NIFTY January futures have added a very nominal Open Interest of 13050 shares or 0.09%. This is practically unchanged. But the positive reading from this is that with the yesterday's rise, the OI has not decreased and there has been no short covering in the Markets.

All and all, Markets to open and trade moderately positive and likely to attempt a breakout if it moves past the key resistance levels. Given this structure, selective purchases can continued to be made while strictly avoiding shorts. Profit too needs to be protected at higher levels. Overall, positive outlook with mild caution is advised for today.
Milan Vaishnav,
Consulting Technical Analyst,