Nifty held the support zone and it is expected to trade till 6150 with a reversal below 5730-5750 zone and is expected to top out close to the first week of January 2013. If we have a look at the hourly chart cash flow is getting extended and it can result in a profit booking session in the coming week. The turnover data was strongly in favor of the bulls and should be considered as good till gives a lower turnover data.The premium in nifty futures got reduced by a few points and indicates some short build up at higher levels but the positive momentum is expected to continue and any dip close to the support zone should be treated as a buying opportunity. We could see an uptick in metal stocks like TATA steel, Jindals and Sail and would be giving the signals of a bull market and the patterns are suggesting that these stocks would give a much bigger upmove than banking names in the near term.Any profit booking session in the index would be a good opportunity to get into stocks like Hindalco , IRB infra and TATA steel as the out performance is yet to come from these stocks. Dollar/INR has broken the upward slopping channel and started making lower lows and is expected to trade till 53.70 levels in the short term. If we see the cyclical charts any major upmove/downward move would last for 6 months from January to June and there would be temporary move on the opposite side.Thus i am optimistic only till 6150 and expecting nifty to completed the top formation close to first week of Jan (4-5th of Jan). Some of the cement stocks like ACC and from the automobile space Maruti are expected to under perform the market in the near term(below the previous low). Stocks like Vijaya bank, Fianancial tech, Orbit corp, DLF are expected to outperform nifty in the short term.
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