Over DOne in short term

Hi all,
Market need to take a good pause before it starts all over again. Heavy weights are taking run up as if fundamentals have changed their way. Structural growth takes time and its not an easy task to improve economic conditions when we are laggards. The time has come when selective midcaps will run and selected large caps will try and make a higher bottom. But Index technically can test 12600 in no time. Japan has shrank. If you see Dow Jones technical pattern it was all over. Bulls and bears are having tussle but is it bulls who will have last laugh definitely not. Indian market seems to be over bought beacuse of lot of cash waiting on sidelines. Thus on every fall we are protected but it would be difficult for markets to identify new leads. Looking at charts I see 7 stocks to test lower level support soon. Reliance @2015, LT 1144, SBI 1470, Bharti 766, DLF can test 255, Bhel to test 1700 thus if these market movers are at resistance levels I doubt whether market can sustain its upswing.
Take fundamental we are ahead of China and other Bric nations in terms of valuations. On upside people dont find valuation of 20 to be expensive and on downside even 10 is expensive if this is not what irrationality is than define irrationality for me. Nifty will test 3830 sooner than later. Bullish on edl, everonn alok text and mid cap reality and vijayabank