Nifty Fancy Top 5477

Nifty has broken 5400 which was holding for last many days and now 5350 becomes very important support to hold this up trend. A close below 5350 would indicate short to intermediate term players have to take exit from this market and market may start another corrective wave downwards. Nifty has made 5477 which is a fancy top in my view and normally after such a top big corrections are seen. We are yet to break this level on higher side; if that doesn't happen and Nifty breaks 5350 on closing basis we may see levels below 5200 very soon. I have a view of 13000 as low in Sensex for the year 2010-(Possibly by Oct2010) and crossing of 18700 on closing basis for 3-4days would only we should revisit the calculations. Q1 performance has been poor so far and Net Profits are down 11% this quarter which indicates investors may turn nervous http://economictimes.indiatimes.com/News/News-By-Company/Earnings/earnings/75410.cms.