May 30, limited down move, no need to panic.

NIFTY/SENSEX after a sharp upswing, in the early part of trading, came in for profit taking in view of the fixed upper limit for the day and succumbed to selling pressure of the day-traders in the last part of day. Auto stocks, contrary to my expectations continued to move in the southern direction.The down move, however, appears to be limited. The NIFTY/SENSEX is not likely to fall below 4755 and 16040 respectively.The market is liekely to move into a congestion zone for next couple of days. Cover short, on further decline, in stocks from BANKING sector. BANK NIFTY will not fall below 6380. Smart traders can take up long position, on furher decline. for holding period of 2-3 days.