Indian stock market has shown immense resilience and has weathered many a storm including the Dubai story.

We are at 5150 on the Nifty and following needs to be taken care by investors going forward.

1. Nifty is at high level and valuations are just about ok.

2. Nifty is tired and short term profit taking can take it down atleast to 4800 in near future.

3. Upside is limited to around 5300-5400 so call buyers and long owners need to be watchful.

4. December is a lean period in West esp. in USA and budget constraints generally push IT billability down - IT expected to go down from its starry heights (Infy, TCS, Wipro).

5. Reliance Industries and Reliance ADAG case is expected to be a long battle. These stocks will tend to move in expectations. Reliance after bonus 1:1 will go to 1000 and consolidate.

6. Stock picks - Reliance, NTPC, Classic Diamond, Satyam, TTML, Reliance Communication, BHEL

7. Sell - Ranbaxy, Infosys, TCS, WIPRO

8. Futures - Short bias, Options - Put bias

9. A bad winter might hit the sector affected by it. Cement and realty to take hit.

10. No major change on interest rates and policy issues.