Selling coming at every rise...May 21

Yesterday we said if closes above 5150 go long. NIFTY was unable to sustain this level even on an intraday basis. Today's levels to watch out for nifty will be 5040 and 5130. NIFTY is still unable to break the reverse trendline and is facing a sell at every rise. 5000 levels may provide good support for the time being. However, positional longs I think can wait for sometime. I initiated positional short in TISCO around 905 and am holding onto it tightly. I might consider profit booking based on market conditions or hold on. A lot IT stocks are showing resistance for upmove and profit booking. Avoid longs in this sector. Yesterday I advised people on my yahoo list to lighten all long positions and book profits. I guess it is justified now :) looking the weak global cues....

We will watch sterlite industries in the coming days its formed a beautiful reverse head and shoulder (bullish pattern). Based on market direction and further moves I will advise a position in this stock.

INTRADAY CALLS
HDIL - CMP:842.25. BUY on dips target - 867
MARUTI - BUY around 801(wait for this price) target 832
TCS - CMP - 956.1. SHORT below 950 target 930, 922 SL - 960

PERFORMANCE OF YESTERDAY'S CALLS
TISCO short is still being held. Suzlon hit our target. PNB and BOI did not give trading opportunity.