Nifty Update

Today's price action tends to confirm the view that we have a top in place in the immediate term. Stocks got sold off, inspite of TCS results and there being no real negative cues. It was Reliance that saved the blushes for Nifty, but for which we would have seen Nifty break below 4480 for sure. It time to sit on the sidelines and wait ... as the risk reward is in favour of a decline. Only specific stocks could buck the trend ... and that too, if one is quick on the draw. IT as a sector is what seems to be the one that is showing signs of upsides ... TCS, Polaris and Infy to be specific.