As we know that Nifty is making HH to HL and it's trading near about 5600 levels . According to fibonacci analysis 5650-5700 is strong resistance point so we have to stay in cautions at this levels to add fresh position . According to my point of view A wave is not still completed yet so we may see some kind of falling moment to completing of 5 wave pattern near 5700 levels then most probability to see a profit booking or downfall pattern at higher levels as i indicated in chart .
I am not running behind the Nifty's trend but looking for a good opportunity to add buy or sell position. but yes when i will get opportunity after completed 5 wave of A wave then i will do short for the TGT. of not sure may be 4900 levels and waiting for negative divergence in RSI daily chart.
U can see --BHEL (TGT.380-390) , INFOSYS-- (TGT. 3260) , Hindalco--- buy near 135-140
