Beginning of the end?? May 2nd

Expect 5300...However, many frontline stocks are showing weakness....advise strict CAUTION!! Do not BUY now in this market. Use rallies to exit longs. Slowly we will build shorts. We advise buying some NIFTY puts today..positional shorting should be done only around 5300 levels with a stoploss above 5400. Do not BUY at higher levels or short at lower levels.

YESBANK is still in our watch list and is in a make or break situation. Look at the yes bank chart here. Trading range is 166 - 172. Break of either side will give us a very good trading opportunity. Watch this and trade on break...long or short based on which side it breaks.

We are trying to catch an upcoming correction early today...so wait and short at highs...and keep your stoplosses intact above 5400.