Weekly close above 6040 could terminate the negative trend - IIFL

There has been a possible shift in the range on the upside with 6,040 acting as a hurdle and 5,900 acting as a strong support. Selling pressure was mainly visible in mid cap, small cap and banking stocks while rally in defensives helped Nifty to close above 5,970. Near term outlook remain cautious but a weekly close above 6,040 could terminate the negative trend.

Sensex July future which shed 2505cont in open interest has seen unwinding.

On option front, BSE100 June 6,000 strike call which added 16100cont in open interest in has seen writing in yesterday trade, while put unwinding was seen at BSE100 June 5,600 which shed 38000cont in open interest.

Source : Equity Bulls

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