Nifty is done with the mentioned upside target and it is fulfilling almost all conditions as per the wave count and the time cycle. After a sharp rally the market is going to be choppy and we cant expect a deep correction this time and it is going to be range bound this time and 5750-5970 can be a broad range for this expiry.Currency market would be good this time around if you are futures traders. As nifty is going to be range bound Dollar/INR and JPY/INR are expected to give good trading opportunities on the long side.On the stocks front Axis bank might have placed a decent top around 1500+ levels and the stock is expected to correct till 1350 levels in the near term. Two interesting stocks to watch would be Lupin and Indusind bank and these would be decent bets for investment on any correction. Lupin has a decent support close to 630-645 and i would like to place a target of 800+ in the coming year. Indus ind bank would be another stock i would like to try to bet on. We could see this stock not correcting as compared to its peers and this can be viewed as strength coming into this stock. 430-440 is a decent support zone for the stock and it is expected to touch 600+ in the coming year. As nifty has almost completed the bounce back it is wise to wait for a correction for any further buying positions. It is quite possible that nifty could spend long range bound sessions in the range of 5500-5950 in the coming months too.At this juncture i would be carefully watching two indices for leading indications ie; CNX midcap and metal index and both have to give good accumulation patterns for nifty to move up.
Trend Time period Target Reversal
Down Medium term 5550 6000
