Nifty reaches the value zone recording the lowest volume after 16th March 2010. There is more of indecision building into the Index. INFOSYS results kept the whole of the Computer Software Industry in the lead today, still our Index which is quite tech heavy did not manage to record strength. Hourly charts do not show strength on either side. A re-test of 5290 again would confirm bullishness.
With the Indicators which supported the move up all turning down, with some directions from the TECHNOLOGY sector the NIFTY would find its last leg bullish move in the next few sessions. On persistent weakness 5235 has the strong possibility of support. Between 5300 & 5235, NIFTY is likely to find support to bounce back.
The slow and steady bullish move without any technical backing is nearing its end; all the longs can be tightened with close stops. Get prepared for short trades as soon as the signals emerge.
On an up move, 5400 would find very find a very strong resistance. Only if the price moves past 5400 with an ultimate strength, that it can hang in for further gains. Uphill Journey seems exhausted for now.
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