Nifty is facing stiff resistance close to 6060-6100 and is expected to trade till 5900 in the short term. Lot many stocks are facing resistance at higher levels and auto sector stocks like M&M and TATA motors are expected to correct in the short term.In the hourly chart nifty is in its 5th wave and might give some extensions on the upside but use these extensions to exit the long positions and not to create new. It wont be an immediate sell as the premium in nifty futures is not at the peak and it is evident that not many are trapped on the upside. Thus it wont top out in one stretch and give some range bound sessions in the near term. As a nifty trader one should wait for the right moment to go short and not now. Volatility data is showing some long unwinding instead of short positions thus we should first book some long positions and wait for a decent break down to be on the short side.As a trader i would not like to hold onto stocks like BATA India and HULas they have already given breakdowns and wait for a decent correction in banking and metal stocks to be on the long side
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