Nifty had a range bound session , is facing resistance around 6080-6100 levels and is expected to trade till 5900 in the short term.It made a top close to 6100 twice but the advance/decline ratio in these two days were in favor of declining counters and bank nifty is not giving a proportionate move along with the main index. The immediate effect would be a range bound session as the momentum is so strong and lot many long positions are getting squared off instead of fresh short positions.Volatility index is showing some short build up at higher levels as the premiums have come down too. Turnover data is still strong and it has not started weakness in the equity segment. Thus if you are put buyer the buying should happen close to 6100 or any rise and that too in March options as the premiums are still low.In the stocks front Biocon, Zee are showing slow momentum and are expected to trade lower below previous low. On any upmove stocks like IDFC and Cipla are expected to trade higher. Dollar/INR is expected to trade till 53 in the short term as the daily charts have given a decent break down.
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