Nifty Update:
Nifty has broken its up trendline of post-budget rally and the up-channel is now history. Technically Nifty is showing a lot of weakness now and with last 3 weeks closings being very flat market is showing signs of big correction ahead. In weekly graph Nifty is trading near channel resistance and so upside looks limited from here. Caution is advised and it is better to be in good cash levels but holding some stocks for long term (only around 30% invested) would be fair allocation at this point of time. IFCI, ONMOBILE, DISHMAN look good for upside and this is still a stock-specific market. Nifty crucial support at 5200 below which short-term panic selling is not ruled out and 5000 would be psychological level to watch. Sensex has failed to move above 18000 so far.
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