Nifty update for 11th November 2011

It seems like a crack ever where especially in large cap stocks.Hope at least a few people read my previous posts and acted accordingly. I had mentioned 3 important dates in my previous posts. November 8th (Cyclical anniversary of one year bear market), November 21st and 26th. The picture becomes more clear now, below 5200 it confirms the top of November 8th and any bounce back up to 5330 - 5350 would pull you back to 5200-5150 levels. As the world market shows it is almost clear that nifty would take out 5200 levels. (All the major dates are mentioned just after October 5th post under the heading "Important dates for a nifty trader").If Nifty breaks 5150-5170 levels that easily it would be going back to where it started ie;5030 levels . Eventually it would be justifying the trend line resistance of 5400+ levels and it would be a slow and painful journey back to 4700 levels. On the upside it is evident that till 5270 (lower part of our previous range)it was a profit booking session and below 5270 shorts got created. Thus on the upside 5270-5310 would be the place of major shorts and this area has to get covered for any valid up move.If it cracks below 5200 i expect a major bounce back only on November 21st - 26th. Minor bounce backs could happen but would be met with selling. There is no need to buy any dip below 5170-5200 as it would be illogical to buy a weak market, especially banks. The weakest of all would be banks and as long as there is a reason to go short one should be utilizing these opportunities.Stocks like Axis bank and Reliance are at major support levels and the structure could get worse any thing below these levels.For buyers let the dust settle down and take your time for a wise decision.