mkt ahead...19th aug 2010...

so the medium term trend remained strongly up holding 5350 tsl solid as a rock, as i had mentioned earlier these nifty positional longs were initiated in the zone 4900-4950. no change is tsl required as of now.

the tgt is raised from 5530 to 5578 which is a resistance on previously drawn channel and nearly achieved.

as the quarterly results have been mixed so far, no upgrades have happened on the nifty50 stocks index. therefore there is no change in our 5550-5730 expensive zone on p/e basis.

perhaps we are entering a risky zone above 5500 now the with first resistance coming at 5545.

with all these factors one can consider booking partial profits in the medium term positional longs when the nifty reaches the upper end of the channel. the profit booking if comes can easily take the nifty to 5350 and then to 5200 which can be maintained as sl on closing basis.