mkt ahead...

just as it was said that "profit booking is due", we got a drop down on 28th april 2009 and for the first time triggering the intermediate term trailing profit stop(tsl) on closing basis, therefore as a good trading discipline 50% of the longs were to be covered/profit booked. pls remember the positions are supposed to be long from 2600 lvls, enough hint was given here about the same.

strategy is now the rest 50% are to be held with sl of 3296 and any upsides upto 3734-3800(strong resis) can be used for profit booking in stocks and nifty fut.

fiis are still buying in cash and f&o so as of now there's not much of panic or bearishness as such.

mkt is still ranged, but now we can see some negative div appearing on s&p500(us) and dow jones charts which could lead to some profit booking in those mkts although trending upward, that may possibly impact our mkt also.

since nifty is ranged a sort of short to medium term congestion type pattern is emerging on eod charts waiting for direction for break out or breakdown.