Nifty update for 13 - Jan -2012

We had a profit booking session and as expected the first dip was met with lot of buying interest.Finally as said in the 11- Jan post SBI gave a break out and had a decent rally towards 1760-1770 levels. If we look at the time it has spend at the bottom there is much more to come if Nifty is moving towards 4950 zone.I would exit all other banking stocks now would bet only on SBI for any up move.To confirm another big move for SBI nifty has to surpass 4900 levels.Turn over data shows that profit booking is happening at higher levels but short positions are not very much. I would like to read it as a buy on dips market.Thus 4770-4800 would be an important range to watch out for as a cushion for your long positions. As i said yesterday i would like to book profit in some large cap stocks like l&t, axis bank and ICICI bank. As a buyer i would like to concentrate on mid cap and small cap space.If Nifty is not making a dip again i would be waiting for 4930-50 levels on the upside.Lets continue with the same range of 4770-4930.