Stay away from Nifty..its over bought...

7 % rise in 3 days. What else traders want to celebrate. But don’t know how many traders actually were able to pick stocks at bottom level.  All sectors except Pharma participated the 3 days rally. Now it is the time to wind up.  Normal market axiom buy the rumor and sell the news can be applied here. From last day night we received exit poll results which confirms the victory of Modi.

We were advising traders to buy nifty stocks last week before the rally started. Readers can watch our previous nifty calls in older posts section.

Now 2 days more for the actual declaration. So we understood FII started picking the shares before these exit polls. Now they really need to book profit.  This is an unsustainable investor enthusiasm. All favorable news are already factored in Nifty levels. We are recommending  booking profit at this level and stay away till market settles down.