Nifty futures hit the mentioned levels of 5650-5700 levels and is expected to give range bound sessions between 5600-5850 zone in the coming week. The maximum downside i am expecting is close to 5550 levels and any break below 5650 is not an opportunity to go short and wait for the right moment to go long. One doubtful scenario arising right now would be the movement in dollar/inr. Dollar/INR is expected to touch 58 levels in the near term and one can buy it on any dip.Traders might have a wrong perception that it would inversely affect the movement with nifty but it is better to be long on dollar than nifty. Bank nifty has reached its strong support zone and as usual it gives the leading indication about consolidation at lower levels.Nifty has already completed a 5 wave pattern on the downside in the hourly chart and we could see some consolidation happening at lower levels and i would not be a short seller in the current situation. Stocks like JP associates and DLF are waiting for a decent bounce and have already given the indications of going up and i would be a buyer in these stocks for a bounce.Nifty could retest the bottom once again and it should be treated as a consolidation phase.
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