Nifty broke out of the consolidation and moving closer to the mentioned target of 5470 levels and the poor turnover data is showing that it is a traders market and it is time for investors to be cautious if one needs to start new. We could see some long accumulation in today's trade and the 'so called bullish effect' can last till the current expiry season as the move above 5400 was good enough.It was good to see some buying interest happening in large cap stocks like ICICI bank and L&T and this could trigger some more up move in nifty. Though volatility index showed some short build up in the first half of the trade it got covered in the second of the trade and nifty could inch up to the target zone soon.As i said in the previous posts stock specific trades could get better return when nifty is at a crucial juncture like this. It was interesting to see the up move in a stocks like ICICI bank and it is once again close to resistance zone of 970-980.If stocks like Reliance capital and ICICI bank could surpass the resistance zone both have the potential to give 4-5% return if nifty could come close to its target zone of 5470. The turnover data is poor and it shows the lack of participation from retailers and they are still doubtful about the rally. When liquidity is driving the rally it is better to get into and get out as soon as possible as the run up cycles would be short with decent returns.The range can be 5390-5470.
