Markets are not picking up any positive news but as if waiting anxiously for negative cues in the form of earnings. Today if we get a close below 9000/2700 on Sensex/Nifty then brace for another bout of downswing in the days ahead. It is "sell on rise" situation. There can be a short term bounce from the levels of 2570 or 2500 levels of Nifty. Therefore, maximum short positions should be squared off at those levels and initiate short term longs there with appropriate stop loss or put options for hedging. Some very long term buying could also emerge at those levels in some select stocks only.

Infosys could be an ideal stock for long term picks on decline with final stop at 950.
RELIANCE and SBI seem to have fallen out of favour for the moment. Their recovery from lower levels may not be as swift as that of Infosys in the next few quarters. In very long term investment , final stop loss for RELIANCE would be 850 and for SBI 750.

SBI still remains the leader in banking sector but Reliance now has to come out with some positive surprises in terms of its business plans and profitability.