Nifty held 5350 on the down side but gave a negative closing after a tight range bound session.It is expected to trade till 5470 with a crucial support at 5310-5320 levels. As i said in the previous posts stocks could lead the rally a bit more but nifty is showing the weakness in momentum and it is time for unwinding the long positions in a systematic manner.Turnover data is showing some participation from retail investors too and that would be quite good for individual names. Volatility index is not showing any signs of strengths and we could see some writing happening in 5400 call.We got a trend reversal at 5270 levels and these levels would be considered as the entry of smart money into the system and a key support zone too. Moving ahead it is yet to wait and watch whether stocks like TATA steel and SBI are still under performing or consolidating for a bigger up move. Thus it is expected that nifty could maintain this tight range for the days to come too and it is good to see that stocks like l&t and Axis bank have emerged as relative out performers.
