Nifty held the support zone and it is expected to trade till 6150 in the medium term with a support close to 5800-5820 level.The current FDI drama can have an impact in the medium term but as long as the fund flows continue fundamentals would take a back seat. One important development happening in the global markets is Dollar index is again going to test the previous support zone of 78.5 which has proven to be really strong till now and U S markets would be testing the previous highs again. Thus the hypothesis could be dollar index testing the support zone and bouncing back. Though a bigger head shoulder pattern is developing in the Dollar index it has to break below the mentioned support zone.Thus the bigger picture for next year would be clear only depending upon the move in dollar index too. Among the stocks SIEMENS, Dishman pharma, MOIL and DCB are expected to move up in the month of December and Maruti is giving signs of topping out at least in the short term.Volatility data is showing some long accumulation at lower levels and midcap space is performing really well ahead of any other sector.Turnover data was good too and it is giving the signals of retail participation too at these levels which is good sign and i expect the market to make a temporary top close to the first week of January 2013.
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