you are right. when nifty is near 6500 points I have bought TATA STEEL @ 210 and HINDALCO @ 80 rs. and when nifty is near 10000 I have sold TATA STEEL @ 650 an HINDALCO @ 220.
BTW TATA STEEL is now @ 700 and HINDALCO is @ 260.
I always take a individual stock. but take a NIFTY as a just guidance.