Nifty showing resistance to break the 5170 range. If we get consolidation in this area for couple of more days than that may be good sign for the another push high. But looking at the recent action in the market, it seems like we may break that 5167 range soon.....(again we don't know what will happen just a speculation)
We still have negative momentum in the market. We need a strong positive momentum after a consolidation for another push for upside.
We still have strong negative move in overbought-oversold ratio that forces me to believe that we have much downside in this market. Until this ratio settles down we will see more down push....
Looking at the current situation, I don't plan to trade until market direction is confirmed.....
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