The reason of resistance at 5300 is not too far to fetch. It is getting resistance from the May 2008 intermediate high of 5298 levels... (I am sure most of you remember May 2008)...
Well the indicators too are suggesting confusion and 'wait and watch'. Even fundamentally, the overall market is overvalued, going by the NIFTY 50 stocks' P/E multiple at above 23 times...
Most of the institutions are having 'fun' with small and mid-caps and I observe that most Mutual Fund schemes are out performing the benchmark indices because of this.... World markets too are nervous but positive. It seems the world is currently "Nervously Bullish"
Watch the 5160 levels - even in intraday. And a close above 5300 should open the view towards 5450 (as analysed and indicated in Investogyan's newsletter)...
Phew!!! Market's are surely testing our patience...
Happy trading !
CA Rajiv D Khatlawala
ValueTrade Academy Pvt Ltd.
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