Half Hourly Chart
Nifty made a new high at 5406 and also closed at a new high of 5400 in this rally. The high of 5406 though was not very impressive as it was only 3 points above yesterday's high. The consolidation which started yesterday after making a new high at 5402, continued today till it broke out around 2pm to make the new high. Volumes were good.
The Sensex ,however, is still to achieve this feat. The sensex also made a lower high and lower low candle. Volumes were low on the sensex. Daily oscillators too are lagging behind in crossing their earlier highs.The disparity with the Nifty and the negative divergences on the oscillators calls for some caution.
Supports are at 5376-5350-5285 and Resistance at 5463-5495.
Trade long with a strict stop at 5350 .
Happy Trading !!