Nifty seems to have completed the wave 5 of wave 3 of wave C up. It has also reached the channel top of hourly channel, daily channel as well as weekly channel. Though there seems to be few points left in daily and weekly channel. Hourly channel shows over shoot which is the indication of the strength of the impulse move up.
Now nifty may correct in an a-b-c to complete the wave 4 of the wave C [or wave d of wave C as in the alternate options discussed today morning.].
As per Federal bank technical research report one should go short in this counter. Federal bank is looking quite weak at current level and is expected to fall further. Positional traders can go short in Federal bank from current level for good gains.
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