``Our markets, after Wednesday`s meteoric rise, saw a sharp pullback yesterday as benchmark indices closed lower by nearly a percent after opening higher by more than half a percent. Nifty lost 56 points to close at 6,177. Premium of Nifty futures came down significantly, from 40 point on Wednesday to 20 points yesterday, coupled with a 6% fall in open interest, indicating unwinding of long positions. In the cash segment, story continues to be same with FIIs putting in another Rs 10.20 billion while DIIs pulling out Rs 6.94 billion. Fertiliser stocks were buzzing on the speculation of price decontrol. Technical view on market continues to be positive. Even after yesterday`s fall, benchmark indices are up more than a percent on weekly basis. A 61.8% retracement of the rally from Tuesday`s low 6,057 to the top of 6,284 made yesterday comes to 6,144 and would serve as the immediate support for the Nifty. The short term trend however, will turn only after 6,057 is breached on closing basis. The big event to watch out for today would be Infosys results. Historically, September quarter has been the best for the software companies in general and Infosys in particular. Tech biggy is likely to report a sequential rise of about 9.3% in revenues to Rs 67.76 billion and 15.5% in Net Profit to Rs 17.18 billion. EBIDTA margins are also likely to rise by about 200 bps to 33.28%. Market will also watch out for the guidance for the rest of the year. Other key results to watch out for will be Karnata Banks and DCB. A whole host of economic data is lined up today including CPI and trade balance data from Euro-zone and Consumer price index, advance retail sales, empire manufacutring index, University of Michigan confidence index and business inventories from the US,`` notes brokerage house Anagram.
6,144 would serve as the immediate support for the Nifty: