Nifty is done with the mentioned short term target of 5450 and is expected to trade till 5530-50 levels once it crosses the previous high. Though we have some higher targets in the chart i would not be a buyer on a break out. The move can be good as lot of banking majors have still not performed. We could see many major indices like midcap and bank nifty are lagging and nifty alone is moving up.I expect the PSU banking majors to move up in the coming days and a real good performance from bank nifty is needed for this up move. Stocks like Bank of India and YES bank are making bullish patterns and these would be good bets in the short term.If we consider nifty the index is facing a trend line resistance close to 5530-5550 where i expect it to consolidate or correct. Thus the trend is up with a reversal close to 5330-20 for a target of 5530-5550. Volatility data is showing addition of long positions at lower levels and 5380 -5400 would act as a decent support zone in the short term. Turnover data is showing the liquidity is pumped in by institutional traders and the market will get support till the flow is there.
