NIFTY gave a good pull back rally backed by metal sector and ICICI bank...
Reliance finally showed some strength...In reliance charts we could see some short coverings were happening and cannot be considered as new buyers have come in...As i mentioned in yesterday's blog Nifty's upside target has been achieved at 5480 and hope you have booked your profits in 5600 call positions.
If the rally continues in the days to come we could see some strength in NIFTY ...As per our trading strategies one would have benefited from 5300(put) and 5600 (call) postions....
Trading Strategies
Book full profits in JSW steel (read 18-08-2010 post) as it has already achieved our target.If NIFTY gives good movement above 5500 buy Reliance (only if it crosses 950) along with 5100 put(Oct)...
We still suspect a smart move from the bears at 5500 + levels ..Cautious!!!
The support levels for Dow still lies at 9925 levels
