Short term Correction in Nifty is likely from 5300 Levels, 6 January

Going by the price pattern, the present rally in Nifty is losing momentum for the past 4 trading sessions.

And also 5300-5350 levels is crucial for Short term.

 Unless Nifty sustains above this level for another two trading sessions it is likely to see a short term correction.

Positional Trading Strategy

Short Nifty futures around 5300 level and hedge it with a 5400 call put option.

Short term target for Nifty is 5100.