Nifty is done with 6100 level on the upside and it is trying to conquer 6125 levels but failing every time. We could see advance/decline ratio in favor of declining counters but the huge discount in nifty futures presents a worrisome picture for short sellers. If we analyse the stock specific data we could see that some of the banking stocks are close to the support zones or breaking down.Axis bank is one such which has broken down from the support zone of 1440 and the stock can move to 1360-70 levels if nifty is not offering any support.It is wise to trail the stop losses in nifty close to 6050 than creating a new long position. If we check the options data maximum build up can be seen in 6300& 6400 call options and 5800 put options. The range seems to be a little wide this time and it seems to be a consolidation month than giving wild movements.Most of the large cap banking names have already gone through a correction phase but nifty is not reacting to this by closing above 6100.Though some of the stocks are in the negative territory index has not come to a selling mode till now and it is clearly telling us that nifty is not taking the negative sentiment in the broader market and moving alone.The volumes are less and lesser premium is showing the lack of demand and instead of buying one just needs to trail the stop loss and move with the market
