==>> Hold for any buy positions

Its been a good day for the exhanges in India. For the first time ever markets reported its highest turnover of Rs 157877 Cr. Nse cash volumes zoomed to Rs.40130 CR and BSE at 11761 CR, balance came from the F&O segment.The only person this time minted money are the exchanges. There were hardly any buyers in the marekts in the last week, coz every1 waited for the election results to be out.
The Golden polish that has been put on the markets have been wiped off. Nifty as mentioned that, it will face stiff resistance at 4450 levels. In my last blog I haver written that this rally will face heavy selling and profit booking at the higher levels. The last chart attached with the last blog shows the levels also. I have marked with the circles, where the Nifty faced resistance. In the past also we have seen that the Nifty has fallen when it crossed that level.
Nifty in the early trading session made a high of 4464 and the in the mid session surpassed the previous level and made a intra day high of 4509. But as mentioned early, lost its glory and down nearly 5 points at 4290.Sensex made a high of 14931 but closed at bearly in green with a gain of just 18 points at 14302, after gaining nearly 650 points in the early trading session. Before the mkt started, SGX Nifty was up nearly 5% with a gain of 290 points, but as soon as the Indian markets opened the Nifty and the Sensex slided i the negative zone. There has been no fundamental change in the Indian markets. This rally just due to the stable govt in India. Yes that has been a very good news, but the mkts rallying will not continue without a break. Nifty will find stiff resistance at 4450 levels. Todays Chart indicates that the rally has been halted for sometime and we might see some profit booking. Traders are adviced not to buy at this level, coz major of the stocks are almost double out in few trading sessions and investors are stucked, they will find very difficult to come of the stocks. Markets will witness correction, that can be heavy too.
Indian stocks are no more cheap intheir valuations, they are much more expensive from their all time high also. Their are trading at higher PE then they were in the month of Jan 2008. Be carefull.