India Markets: Rally Coming to an end?

(Click on pictures for clearer Image)
As the chart shows, our view has panned out...the Nifty has ticked into the upper part of the blue shaded region...expect this rally to start fading now...my upside target is 2865....

However, not enough money has entered the market for sellers to pull the plug...there is a lot of selling waiting in the wings...expect sideways movement for sometime to sucker more money into the equity markets.

The next down leg in this market will rival or surpass the October carnage...hard to believe that people can still be shocked...but that is why this downturn in markets is not over.

Below is a longer term chart of Nifty:

It sure looks like we are out on a limb, with support at 2000...expect the support to be tested as the first quarter results season gets underway further undermined by lower prints of GDP.

Some Humor is needed:

President Obama on the AIG bonus theft:  " I am shocked, shocked..."...give it a Rest.