Nifty held the support zone of 5320-5330 and reached the first major resistance level of 5380. It is expected to trade til 5420-5450 in the short term with a reversal around 5330. There is hardly any evidence to see that nifty is going to make a new 52 week high. As told in the previous posts the medium term trend is still up as long as the short term trend line is holding close to 5250-5230 as we have a higher bottom , higher top formation.Bank nifty and ICICI bank are also following the same pattern and if it is a new uptrend bank nifty has to lead fro the front and lead nifty.If we see the US market charts S&P might be extending the final up move to 1450 as there is a valid trend line resistance coming into and nifty is also in its final leg of up move in the short term. As the liquidity flow is good enough it can spend the remaining series with 5200 as the base but there is every chance that we are in the 5th or final wave on the upside. Dollar is still making a decent base around 55 zone and 57 can be looked into at some of time this year. Overall we have a trend deciding date coming around 20-21 of September where i expect the up move would get arrested temporarily. If one is already long in nifty it can be hold but other wise it is not a market to buy the break outs but only buy the dips close to 5300 zone.
