Nifty at 30 months' high. Sensex closed at 20286 and Nifty ended at 6183.95.

Market consolidated from last two days but today ended at week's high because of short covering in the last half an hour; which lead the Nifty to end at 30 months' high. S&P CNX Nifty ended at 6183.95 first time after 12th Nov.2010. Sensex ended at 20286.12 after gaining 38.79 points. Among sectoral indices, CNX Realty was the top gainer by 2.03% whereas CNX Media was the top loser by 0.84%. In Nifty50 stocks, BHEL was the top gainer by 5.06% and ended at 203.5. Indusindbk was the top loser by 2.58% and ended at 511. Unitech was the turnover topper by the traded quantity and ITC by the traded value on NSE today.
Advance/Decline ratio was negative as 519 stocks declined and 434 stocks gained today on NSE.

Nifty Outlook : 
As mentioned in the previous blog, Nifty sustained above 6030 level and we saw the result. Now at such a higher level, the risk of holding long or short positions is definitely high as the volatility will be immense. Nifty may give a correction upto 6010 to 5890. But this does not mean it will come surely. But correction upto such levels will strengthen the market towards its new lifetime high.

Support : 6110 / 5980
Resistance : 6240 / 6350