It was kind of a range bound session and nifty again proved that crossing 5270 is not that easy. The index is trying to make an intra day high during the final 5 minutes of the trading session and this would not be a good sign for bulls.Volatility data is showing some short build up at the top and writing in 5400 calls. Turnover data was poor with close to 5000 cr shares traded and it indicates lack of triggers on the upside. On the downside 5190-5200 can be a short term support zone as we could see some buying emerging from that zone. Thus it is still logical to bet for 4950-5000 levels till a reversal comes above 5270 zone. I am not eliminating the possibility of nifty crossing 5270 if we see the positive momentum in stocks but these are upmoves just to test the previous high.For example Axis bank would be one exception in the banking sector providing a positive momentum but the stock is famous for giving breakouts at the wrong time. Thus it is yet to be watched whether the optimism in these stocks are valid or not. The trading range can be 5140-5270
