Time to watch the fight......

The serious Bull supporting traders so surprised by  Nifty at 5180 level but it may be a big opportunity for those whose move to cover the shortsof their 5350 level. The early move of fall triggered when the Nifty low cut the 5345 level and the ONGC cut the 1093 and the worst support case at 1081 level.
The major stocks except Hero Honda, Tatamotors, Infy, TCS wipro and such robust strength stocks, all other shed their 10-13% of their recent highs and the weak counters like ONGC, SAIL shed more than that. Now the market is grappled with fear of global shock if not melt down due to the GOLDMAN. The hiding of facts is known to markets even before the SEC notice as they know in advance by 6 months when the Govt served notices. So it took the market makers to move to two years high in the global indices level, the news broke, just take a brake.
Any way, now we have to deal with the situation and the situation for Bulls is not yet worse. The Nifty took good support for the day at 5160 level but the skewed move of the Nifty movers is a cause of concern.
The yesterday leaders like DLF, Tata Steel, JSW, SesaGoa on the bourses are severely beaten down due to domestic news like inflation and controlling measure to contain inflation. The RBI is going to take stringent measures that affect the real estate and the liquidity in the system. The stocks may find support or hammering but it is certain that the markets are unlikely to cross 5375 level in the next 20 days to one month as the triggers are drying up to charge the Bulls.
Apart from the specific case, the Index will be in good health only when the high crosses 5245-50 level and closes above 5224-28 level by tomorrow evening. The ONGC shall close above 1015 level and high shall cross 1024-26 level, is a good sign to the Nifty. The Nifty is very likely to touch 5080 level for a reasonable bounce but for tomorrow short covering shall happen with out fail. To confirm the same, the major stocks shall cross the highs to take of the resistance like ONGC shall cross the high of 1024, RIL shall cross1077/1084-good, DLF shall cross 324/326 is good, the ster shall cross 841, Bharti shall cross 312, Sail shall cross 227,SBI shall cross 2047, where as ICICI has to cross 939, then we can confirm that the emerging markets are attracting buying.