Nifty is expected to face a stiff resistance close to 6000 zone and is expected to trade in a range of 5800-6000 in the coming week too. It can retest the bottom zone of 5600-5700 and i don't expect a new bottom below this zone soon. Even if it breaks the lower zone it can be considered as an opportunity to invest in certain stocks for the final leg up to 6300+ levels. As per the hourly chart we have wave C pending on the downside with a target just below the lower zone of 5600 levels.It can be a time consuming process as the large cap stocks can still be in a range for some more time. Some of the major private banking stocks like Axis bank, HDFC bank and YES bank are on the verge of another big correction and this can give it a dull picture in the coming days.As of now 5850 would act as a short term support zone from where lot of buying positions have been created and we have got some important moving averages close to that.
Stock to watch
1- Dishman Pharma - The stock has completed wave 2 on the downside and the 3rd wave might be in process and it cannot be the shortest wave. The stock is trading at 75-77 level and it can touch 120-130 within a years time. Keep a deeper stop of 60
