12/11/09 - Market cues & calls

Nifty stunned everyone crossing 5000 mark. Now all blue channels shouting to take longs which we are saying from last Friday.People who is short mood again and again shorting @ higher levels getting punched. Live with market,market wont change for you or for your position. Big boy Reliance stunned everyone. Bank Nifty struggled yesterday but managed to hold its support. All metals shined yesterday. So will bears havoc continues? lets see.

Nifty view ::

Nifty did our contra target 4965 yesterday and also closed above 5000. Still 5050 left which is mother of resistance, a gap up above that level will show strong bulls action. I expect profit booking around those levels. Bears need to hold below 4919 to make them strong. Bulls will keep on Buy @ 4950 levels for New high. For Intraday I expect Nifty to trade flat today with some profit booking where it can take Nifty to 4966. Positional traders as said earlier buy @ dips for 5050 and new high.Dow as said earlier trading sideways with thin volumes.

Levels ::

Bearish > 4958 < Bullish

Stocks to watch ::

Jubliant
Neyveli Lignite
Eastern silk

Happy trading !!!!!