Nifty made a new high close to the mentioned upper range of 5400 and gave a close at 5350 level. Going ahead we could see some consolidation between 5250-5350 zone and could move upto 5470 zone. We could see some long unwinding at 5380-90 levels where it is clearly telling about the active call writing happening in 5400 strike. Volatility index is supporting the long liquidation but no fresh short positions are there in the system. Turnover data is telling some huge volume at the top of the market which shows that the maximum buyers have come in and wait for a consolidation session and no need to buy the break out highs.Advance/ decline ratio is favoring a profit taking session in long positions and wait for good levels close to 5300 to be a buyer.Dollar/ INR might give a bounce close to the support zone below 55 level and this could have a negative impact on equity market too. Thus it is better to understand that it is a liquidity driven rally and movements can be sharp to trap the trader. The trading range can be 5310-5400
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