Nifty update for 27th Jan 2012

We had a normal expiry day with no special surprise expect a spectacular performance by the metal index.As i was repeatedly mentioning about Banking index leading Nifty , the profit booking session should also start with Bank nifty.Nifty is definitely in a short term bull market but bank nifty could possibly get locked at 9900-10000 zone as we have some crucial resistance zones over there.If it could surpass this zone Bank nifty could lead to further upmove.Thus we could connect these two indices and read it together as the move is directly proportionate.In a rally like this it is better to wait outside for a profit booking session and be a buyer on dips. The crucial levels on the downside would be 5060 and 4980 levels.We have a rally pending only in the IT stocks. Thus if Nifty stretches to 5200-5220 zone metals and IT stocks are expected to show some strength.If we talk about the levels on the upside we have targets lying close to 5200-5220 but i would not like to be a buyer without a consolidation stage as it appears to be an extended rally than a normal one.Thus we can keep a range of 5060-5220.