Having picked this turnaround in such a timely manner by gods grace it has kept me way too busy with the stock picking , momentum trades ( obviously on long side ) so have not been able to update the blog. At so many points of time over the last 3 weeks we have had 10-12 open positions on trading side.
On the Nifty side as being mentioned the rally could surprise big time to be frank the move beyond 5100-5150 has come as a surprise to me as well.
The view remains we may see a short term top out at the higher end of the channel. Even if it crosses 5230 levels meaningfully we would expect it to be a failure as its the first breakout. Also considering the fact not many have participated into the rally ( coz of the 4400/4000 Nifty surety and confidence ) the dip may not come fast as there will remain a lot of left out feeling and short covering.
Although we do have a short view initiated at 5120/5180 with a stoploss of 5230 on spot levels the Midcap sector now remains a favorite as we see a lot of turnarounds here and can see sharp jump of 15-20%
Some of the stocks have been discussed below. Disclosure : We have initiated fresh buying in the same in last couple of sessions.
Had clearly mentioned exactly a week back at 4650 levels on January 3rd 2012 that Nifty is setting up for a short term rally is the Bearish consensus had become very high. Also the technical reasons were specified in this post — Short Term Rally
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Every Bull Market starts with a Bear Market Rally.