Nifty is almost done with the short term and it went close to the medium term target of 6500 once and reversed from there. There would some short term corrections but the lower range has clearly shifted from 5750 to 6000-6100 in the medium term perspective. One should be cautious about the US market which is on the verge of a medium term correction but Hangseng should give some support close to 23k levels.Thus these news flows are not good for nifty but the index is almost ready to outperform without any major ones. It is time to exit from private sector banking names like ICICI bank, Axis bank and auto biggie Maruti and time to search for some better names. 6400 call got written in a range of 75-85 and this could act as a stiff resistance area and even if nifty gives a bounce 6470-6480 could still be a safer zone for these options writers.There is a lot of time for a major correction in nifty and bank nifty has a decent support zone close to 11500 and i dont expect it to break this zone soon.Look out for 1775-1780 levels in S&P as these levels could initiate a major sell off in U S markets. Bank nifty is most likely to spend 1 month or more in a channel of 11200-12400 and the month is looking like a range bound month with 6150-6450 as the broader range for the rest of the month.There is nothing left in nifty except a throw back to 6400+ levels once more in Dec. The overall view remains bullish as it is still maintaining a higher top higher bottom formation but wait for good buying opportunities rather than going with the crowd
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