Nifty has surpassed the previous swing high on the daily chart and it is expected to move to 5470 with some profit booking sessions close to 5300. On the downside 5250-70 can be seen as a major reversal point. If one has to go long it would be better to keep the stop below reversal point.As the stop is too far wait for a dip as an entry and till then stocks should give decent returns than nifty. Volatility index is standing still and that would be good for the up move as of now but eventually it has to rise as the downside targets are still pending. Turnover data is showing lack of participation from retailers and institutional traders are pumping in money in large cap names.If we have a look into the stocks, Jindal steel and Hindalco are looking good for a quick bounce and can give 4-5% return from the current levels. It is better to avoid over valued names like HDFC and HDFC bank as the upside is limited from the current levels. Dow is moving towards the previous high where we could see some profit booking sessions and try to correlate the movement with Indian markets too. The trading range can be 5310-5400
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