The Nifty was hugely bullish today with good breadth and volumes. The trendline joining January 2009 high and the high of April 2010 at 5399 has been broken decisively. To maintain the breakout Nifty needs to remain above 5310.
The daily oscillators are showing strength. The half hourly oscillators have turned down from the overbought region.The corrections in the rally from 4967 have been intraday and more in a sideways manner. A sharp fall will be needed to shake the confidence of the bulls.
The steep rise is giving a dizzy feeling and Nifty needs to move sideways /down to blunt the steepness.
Resistance exists at 5373-5383-5399.
Supports at 5310-5266-4245.
Happy Trading !!