Nifty above 6000 , Great probability of correction

Nifty Reached almost above 6000. As there are interest rate already so high , world economy not showing any type of strength , we are moving to a world of austerity. US recent fiscal cliff added more taxes burden.

Taxes and Austerity all over reducing spending. Spending reduction will add more loan burden on corporate.

Developing country have their own problem of high inflation and poor infrastructure. Their is a great chance of a correction in nifty of around 500-600 points. One can short nifty around 6100 with a SL of 6300 for a medium term target of 5500.