People sitting on cash can invest slowly on dips to 5950/5650 in a staggered Manner. On upside Nifty Spot is likely to face resistance around 6110/6150.

 
Nifty View: 

The index for the first time ever may give a sell signal if it stays below 6050 on a sustained basis. Enormous rally from 5350 to almost 6300 in record time needed a much needed breather to scale up new highs. Nifty has broken a major trendline support and for the first time since 1st week of Sept tried to go below red line ( 18 ema ) --> see chart. If Nifty stays below 6050 on a sustained basis then i expect levels of 5950/5925 in coming days which should act as a major support for the index.

Have a Nice trading day

Regards

Ankit