Nifty moved in a very tight range today and closed positive for the day after recording another high of the rally. Resistance of the trendline joining January 2010 and April 2010 highs was once again hit.Volumes were very low but breadth positive. The Nifty open interest put call ratio is around 2 which is very high and indicates too many put writers. A small bearish trigger may thus precipitate a fall.
Negative divergences are seen on half hourly charts.
Supports are at 5513 -5484 -5452 and resistance at 5550-5603.
Happy Trading !!