Nifty held 5850 levels once more and it is expected to trade till 6150 levels with a reversal below the mentioned support zone. Volatility index gave a negative closing with an increase in the premium and it is indicating that long positions have been accumulated in todays trade and 5850 levels can be treated as a decent support zone in the short term. Metal stocks like JSW steel and TATA steel gave a fresh break out and it could help nifty to break out on the upside and we can still remain bullish till the end of December. Turnover data was good and is in favor over bullish counters , especially in metal counters. Among the banking stocks SBI broke from the consolidation phase and it is forming an inverted H&S with a target around 2750-2800 levels on the upside. Thus lets wait for nifty to break out from 5950-70 range to have a decent upside move before heading lower in January.
