As we can see in chart provided above Nifty is witnessing multiple tops near 6090-6150 zones. Nifty has tasted that zone 5 times in last 6 months but every time it is facing selling pressure near the same. Recently we have seen another failed attempt to resistance zones which was confirmed by a bearish engulfing candlestick formation. Bearish candlestick formation is a bearish reversal pattern. Inverse head and shoulder pattern is also visible which has up sloping neckline. Inverse head and shoulders with up sloping neck line have strong bullish implication than normal head and shoulder. Any successive breakout above 6200 levels may witness an extensive rally of 800-1000 points from neckline. Election year is also approaching that would definitely prevent bulls to play blindly and we may see a withdrawal by FII before 2014 elections and there is no surprise if NIFTY start correcting from these levels and current highs may remain market top for next 6-8 months. It’s time to trade cautiously and one should avoid taking longs in NIFTY until it confirms a clear breakout above neck line of potential inverse head and shoulder pattern. Stability below 6150 zones remains bearish for domestic markets and primary target would be 5740 for this correction and then further stability below 5700 would confirm a double top formation and then decline may extend towards 5200 and more down side.
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