06-09-2010 Intraday report

Bang on!!!NIFTY achieved upside target of 5540 (read yesterday's post)
be cautious for the next move

NIFTY - Weekend report 04-09-2010

As i was telling last week ....as long as Dow gets a support at the immediate low of 9925 the uptrend is still there..but the only problem is that Dow has already completed its 5 wave counts on the upside and more upside beyond 11k seems to be impossible at this point of time...NIFTY's upside is capped at around 5540 and we could see that NIFTY would just be accumulating huge number of sellers when ever it goes up..the simple logic behind this argument is that every one is sitting at huge profits (especially pvt banks)and if an uptrend is there they would like to exit the market as it lacks some energy for a further up move....
It is a traders market..and if you like to buy some stocks ...have intra day positions with 5100 put (Oct) with you so to ensure a protective cover against your stocks
Stocks like to watch
JSW steel, Hero honda