Nifty futures is facing stiff resistance close to 6050-6060 levels and would confirm a 5 wave cycle on the upside below 6010 levels. Thus 6010 can be considered as a reversal point in the short term and would initiate the first sell trigger in nifty.As i had already mentioned in the previous posts though nifty is still short of the medium term target by around 60-70 points time cycles are warning a small correction. It can't be a major top as we have still lot more to go on the upside as the momentum was sharp till now. Some of the major stocks have started signs of reversal . L&T and Axis bank are two major stocks which are showing some downside targets on the way ahead. JP also gave a sell signal in the hourly charts and a reduction in nifty premium would be worrisome at this juncture. It can most probably lead to a range bound session with a downward bias as lot of buying might happen on any dip. L&T and Axis bank can test 1550 and 1340 in the short term below previous low
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