As far as the the weekly trend in Nifty is zoomed upon, the trend is up and have buyers in every dip. The momentum started with Nifty withstanding levels above 6200 on Monday, 3rd March, 2014.
However, it is now reaching to a level where the resistance seems to be at another step. The next resistance for Nifty is 6340-6350 and short term long positions will see unwinding at 6340-6350 odd levels. On downside, 6210 is the nearest support level and is a demand zone for bulls . Any dip towards this levels will witness surging interest. If Nifty manages to cross 6340-6350 , it will again an opportunity for new entry.
Keeping this picture in mind, there are 3 possibilities a short term trader with a time time frame of 7-10 days can harness :
Those already long may look to book profit between 6290-6325.
Those waiting to get long may consider buying any dip towards 6200 and may keep a stop loss at 6180-6190
Traders with bearish view need to wait and see if Nifty retraces from 6300 odd levels or not. For short term, short positions created above 6200 doesn’t seem very favorable as they will have to witness the battle with the surging bulls at these levels.
So, trade with caution. Wish you all a profitable week ahead.