Nifty struggled to cross 6100 once again and is expected to trade till 5900 in the short term with a reversal above 6150. Volatility index is showing some profit booking at higher levels and short positions are yet to be created in nifty. Though nifty tried to cross 6100 on the back of some news flow it failed to sustain the momentum and many of the large cap names are coming into the sell list today. Institutional traders have already pumped in so much of money into the market and i personally don't feel the momentum to continue in the same manner in the coming months. It would tough for the large cap names like SBI, Financial tech , PNB and Bank of Baroda, HDFC bank to reclaim the previous highs.A meaningful correction is always better than to have a bubble.YES bank is another major leading stock which is facing huge resistance at higher level and is expected to correct till 495-500 in the short term. As mentioned in the previous posts any levels close to 6100 would be considered as an opportunity to exit and poor advance/decline ratio is proving that.Dollar index is holding the support zone and is expected to rally till 81 in the short term and the condition would be bearish for nifty because of the negative correlation between the two.
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