Nifty Weekly Chart

Nifty weekly chart shows breakout and made a new high, which is good sign for bullish market. 

Nifty Daily Chart

Nifty daily chart shows failure to stay above 5453 level. which may create some suspicion among the traders.  

Nifty daily chart

Already we have witnessed two false breakouts in the past sessions. Now What will happen? Volume chart indicates that volume is above the 50 day volume average. This time I hope it may not be false.

Nifty Put Call OI Chart

Put call open interest chart indicates Nifty may touch 5500.  

FII Investment Chart

FIIs are reducing their investment day by day. That means FIIs are being cautious about market.

Now your long position can be hold if Nifty stays above 5453 on daily closing basis. International bank stress test is just creating confusion among the traders. Other technical indicators are conducive for market up movement. Now only psychological game will play till expiry of July 2010 series. In August 2010 series Nifty may test 5650 if Nifty stay above 5465 after expiry of July 2010 series.

Best of luck. Post your comment.