@ bharatwd
The reason Nvidia does not do a price cut now could be for a lot of reasons.
1. Nvidia can beat the new AMD chip. The 680 GK 104 chip was developed at the same time as the GK 110 chip. AMD was only able to keep up with the GK104 chip. Nvidia only released the Titan GK 110 chip and the 780 as AMD was able to improve drivers and OC the current 7970 chips. AMD is now coming out with a new chip, and I'm sure Nvidia has a pretty good idea about the power of that card. AMD is now on its 2nd gen and its rumored to only just beat the current GK 110 chip. There is nothing holding Nvidia back from releasing a faster 110 chip to beat the new AMD chip.
2. If someone is only willing to purchase a new gpu after the price drop, and someone is willing to buy a card before the price drop, then Nvidia should hold the higher price for as long as possible. Until the new AMD cards come out to justify a price drop, its better to maximize profits for now. Every company does this, even AMD, which is why for a short time, you saw the original 7970 at a higher price point than the gtx 680.
My 6950 is getting old, and it would be nice to get a new gpu. I hope AMD puts out a card that causes a price drop in the market. I don't care who wins in the short run, as long as capitalism works and companies compete, which AMD has been doing. There is nothing wrong with Nvidia charging higher prices, when nothing can compete. Graphic cards are not a right or necessary for life, so if you cant afford one, don't get one. If prices are too high, another company will make a product to under cut that price, and the consumer wins. Yay for profits constrained by competition!