The index is likely to open higher around 6090 levels, given the positive action seen in the index futures.
- Failure to take out daily 5-SMA level of 6118 levels could trigger a fall back to 6073 levels (38.2% of Feb low-Apr high).
- However, only a break below head and shoulder neckline level of 6052 would signal continuation of retreat from 6215 levels.
- On the higher side, a day end closing above 6208 levels is required to indicate bearish invalidation.
