09-09-2010 Daily update

NIFTY gave a surprise upmove during the final moments of the trade supported by banking stocks....especially SBI...The stock is slowly moving to the bubble zone....a little bit of consolidation happened at 2750 levels and it gave a good move till 3000 levels...the stock has added lot of buyers today too...I would like to stay away from two top stocks .. SBI and TATA steel as both are moving towards a bubble kind of zone...We had a short sell call on JSW steel today also and it would have given atleast Rs.2500+ profit ....The call was to go short below 1219 and today's low was 1205 (futures)....NIFTY's (futures) upside target still remains at 5615-5650 levels as of now...Huge volumes could be seen in banking stocks....go short on NIFTY only if comes below 5580-5570 levels....