At the time of this post we are up 40 points with the Nifty around 5340 levels.
The buying which we have been seeing from 5100 levels, seems to be slowing down.
I will strongly advise against initiating new long positions in stocks or indices at these levels.
If you are long on existing positions, tighten your stops or book profits by EOD or tomorrow.
There may be another melt-up, but rest assured it will not be institutional driven and they may look at selling into the move.
I will not be active in the comments section this afternoon, so if you are long the Nifty and the Bank Nifty, keep booking profits.I will have an update EOD.
