Nifty continued its uptrend and achieved the mentioned upside target of 5650+levels and bank nifty is done with 10 k levels.The current up move is strong and ensuring participation from all sectors. Thus it would be wise to book some long positions as it is not advisable to trail the stop losses at this juncture. The reason for saying this is the increase in premium in nifty futures represents institutional buying from 5570-5600 levels. Unfortunately retail traders are not convinced with the current rally and they are still holding the short positions as we could not see any reduction in the options premium. Any dip to 5570-5600 can attract and i would not advice any buying at a fresh high close to 5800. Short sellers have to wait before initiating short positions as the market is giving a series of higher tops and higher top formations which is a bullish sign in the short term. Time cycles are also warning to square off the longs but don't initiate short positions at current levels. The upside target can be anywhere close to 5750-5850 where some major retracement zones are placed.Other indices like bank nifty, small cap and midcap are not showing any kind of exhaustion and it could attract more buyers at lower levels.(follow me on facebook for more updates regarding stocks https://www.facebook.com/Vinuniftytrends)
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