The markets are likely to remain range-bound with 6,185 as resistance for the Nifty and 20,500 for the Sensex. The weakness in frontline stocks like Reliance Industries, State Bank and the IT pack is restricting the indices from piercing the resistance levels. IT stocks have been in sell mode with all five frontline stocks reporting fresh short positions in the last few days.The current fall is attributed to nearly 7% appreciation of the rupee against the pound while it has stabilised against the US dollar. However, further downside in IT stocks is limited, and a strong reversal is possible if Infosys surprises with healthy Q3 numbers. The weekly chart for the Sensex indicates a bullish scenario. A strong move past 20,498 for the Sensex and 6,185 for the Nifty would be bullish. The Sensex would then move up 20,914-22,121 while Nifty would target 6,260-6,623.
