Nifty had 4th up day in a row and today it crossed 5449 resistance level as well that makes most believe that this is a healthy market. I am surprised that we still don't have any strong breadth coming in to this market and Nifty is still moving higher and higher. I am going to wait till it hits 5622 and if we still don't get strong breadth. I may suggest to have tight stop or start taking some profit as with this kind of breadth (not bad but not strong either) it will be hard to cross that resistance level and we may see sharp downwards movement from their.
Overbought-oversold ratio is showing strong move in this market. Not many stocks are making higher highs and it may due the fact that they were oversold in first place but again, oversold ratio is going up as well. This is not a positive sign for the market.
I am still going to looking for both good short and long setups just in-case as I am not confident about this market as of yet.
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