PROFIT BOOKING ADVISED..........
In last updates we had given a target of 20700 - 20800 for sensex once we close above 19800 levels. But we had advised to book profits @ 20300 levels only. After that markets hit high of 20500 levels but we like to book profits nw as we are up here by 2000 points as we recomended to buy around 18300 levels. This cloaks to more the 10 - 12% returns in just 20 days time.
We are posting herewith the charts to explain some technical reasons as y we are booking profits.
Markets are having strong supports around 20000 for sensex & around 6000 for Nifty.
Once we close below this levels for 2 to 3 trading sessions we could see that entering a short term correction zone.
Also we could see that Fii's are net sellers in the last many days & MF's are net buyers. There is a TUG OF WAT going on between them. Also we could see the same between Analysts & Jockeys ( news based persons ) as the former is highly bullish & the latter is in mood of profit booking.
In such Tug of War, advisable is book profits & wait for the events to happen. Let the markets decide where it wants to go. This views are purely for short term as the long term trend is intact of bullishness & growth.
For fresh buying in markets Sensex needs to close above 20500 & Nifty above 6200.
Nifty Pivot levels :
Close : 6048
Supports : 6015 , 5980
Resistances : 6080, 6115
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