NIFTY SHOW-GENTLE BOUNCE

Nifty closed today's sessions with the gains of 9 points.The market breadth was negative with 674 advances to 782 declines.After a mild selling nifty  bounced from the 5210 levels which is 38.2% retracement level of the preceded bull rally.There is not much to speak ,while markets continue their movement range bound.I doubt nifty to sustain these levels in coming days amidst global weakness.As we move forward the range are getting narrowed ,hence counting on nifty would be futile.
                                                                           Breakout in either direction will lead us further.if we get an upside breakout ,we can expect a levels of 5630 and above.Conversely if followed by a downside breakout ,5080  hold the key,as it is 50 %retracement level of the preceded rally.We could still a pullback from these levels capping the further downside.Violation of these levels on a closing basis will lead the nifty to again enter into the down channel .On the daily chart the larger picture still looks somewhat intact ,vulnerability remains limited ,but we definitely lack fueling ingredients for a strong upside.
                                 The MACD  continues to trade below the zero line.The stochastics oscillator is trading with negative crossover.Also nifty is still under 20  and 40 DMA levels hence i still maintain my view said previously .