Nifty seems to be finding some support at 5330 price range. If we get a longer term consolidation in this range, we may be getting ready for another higher push and this may be a very quick move. The longer we consolidate the higher move we can expect from here. We may get little pullback in the process but as long as we don't go down with heavy volume and heavy negative market breadh, we are looking good for another big higher push in this market.
Current market breadh is not telling much as there not much action in the market. Overbought-oversold ratio is doing the same thing, not moving in any direction at all.
But again we need to remember that we have major selling right behind us so need to be very careful. A little negative news or sentiment in the market can have rapid downwards movement in this market.
Next support area is 5170 and strong resistance at 5600.
I am going to look for both strong and weak setups to be prepared for next week as market can go in any direction.
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