Nifty outlook and trading levels for 21 Jan 13

nifty traded in falling channel on Friday after gap up opening  not a gud sign for bulls

Bank of America-Merrill Lynch (BofA-ML) today said the recent partial diesel price hike will inflict a 1.20 per cent burden on the already sticky inflation and that the price index will remain elevated throughout the next fiscal.
http://www.indianexpress.com/news/-diesel-price-hike-to-add-120-bps-to-inflation-/1062224/
Gap up opening is expected with volatility ahead  but the question is will spot nifty continue to trade above 6040  or reenter in its horizontal channel below 6040 .as per  Friday's intra day trend possibility of back home is there provided short covering won't take place above 6090 of futures trading .as Nifty premium is not too much means  futures traders are cautious .
If Nifty futures fail to sustain above 6092  start selling below 6090 with a stop loss of 6109  for  targets 6072  6054 ..
Trade in nifty futures as per these levels 
Buy at / above: 6092   Targets: 6108 - 6120 - 6139 - 6159
Stoploss : 6078
Sell at / below: 6078 Targets: 6054- 6034 - 6009 
Stoploss : 6093
Trade according to trend and with proper stop loss punched in system .