Nifty had a flat session but it is expected to trade till 5520-30 levels in the short term with a reversal above 5660 levels. The medium term view has also turned negative with a target of 5300 where it matches with the 50% retracement level. The index is making lower tops in the daily chart and most of the major large cap banking stocks are forming rounding tops which is a major threat for nifty in the near term. Axis bank is one of the large cap names where we could see a major break down in the daily charts. The stock has been forming a top close to 1230-40 levels for quite some time and broke out of the topping out pattern. The view is bearish with an immediate target f 1160 in the near term and i would see this only as a normal bull market correction.It would be difficult for nifty to catch upto 5800 levels in 2012 because when ever there is a bounce back it is not giving positive impact on stocks. Nifty had a much needed bounce bounce back and it increased the premium t 20 points and that would again trigger a selling trigger. If nifty spends some time here at starts trading above 5650 levels the view can be changed.
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