We were of the opinion that any dips may be utilized as an opportunity to buy for the target of 6050. In past couple of sessions Nifty has not given any meaningful correction and has surged higher. Today it ended almost flat with a gain of mere 1 point at 5910. The rally since past couple of weeks has been exceptionally swift and now Nifty is trading close to a Trend Line resistance and near the 78.60% Fibonacci retracement of the entire fall from 6181 to 5177. We advice profit taking near the range of 5970 to 6050 that we had mentioned earlier and stepping aside for a while to build fresh positions only on declines.
Sector wise we have been witnessing a lot of activity in the mid cap and small cap stocks. Indowind and Indian Bank are couple of stocks that we recommend in this space for next one to two weeks.