Nifty held 6120-6130 once more and it is expected to trade down till 5900-5950 with a reversal above 6270. If it is in a sell mode it has to do it fast and no short sell ideas will work out in a range bound market (as the chartists say "never short a dull market"). Thus wait for 6120-6130 zone to be taken out and enter into short selling mode by with 5900 put November.Important developments that are happening in equity market would be the end of run up in telecom and fmcg sectors and it is time to exit stocks from these sectors. Even if nifty performs it is time to shift focus to banks and rate sensitives from the defensive's. if we look at the world markets we could see a break down happening in hongkong but all others are not looking like a sell at all. Indian markets are also not showing any signs of breaking down but waiting for a consolidation or a breathing space. Midcap index has reached an important resistance point where it can give a decent retracement and bank nifty is not crossing the previous high zones.
