Nifty continued the sideways movement within the making of what looks like the right shoulder of a bearish head and shoulder pattern with neckline at 5360. Volumes were very low and breadth marginally negative.
The support of the uptrendline of this rally stands at 5360 for tomorrow. The 5400 level is proving stiff resistance. This range of 5360-5400 needs to be broken to give direction to Nifty. The bias at the moment is more towards breaking the 5360 level.
Daily oscillators are showing negative divergence. The stochastics has drifted lower below the 50 level.
Supports at 5360-5277-5225 and Resistance is at 5400-5453-5488.
Happy Trading !!