NIFTY SHOW - BEARS HOVERING

Nifty closed in red at 5239 with a loss of 9 odd points.The markets opened in green following global cues,the sensex  gave a rally of more than 100 points .The nifty lingered at the days high for quite sometime,then eventually broke down.As advocated in Mondays blog ,that nifty did found  resistance in 5250-70 zone which was followed by a selling.Here point is we know that markets are range bound ,investors/traders should always search for a valid reason for the market rallies,since under such circumstances markets are more sensitive to news flows,also markets are short of crude ingredients which can eventually direct the markets.
                                                                                        The markets broke an intraday support zone of  5256,retested it,and finally closed below it.Going down markets are likely to find an intraday support  levels of 5211 and 5161.(the levels to be taken precisely as zone)there isn't much to speak about indicator as they are running flat,hence they are not conclusive.
                   Traders are suggested that breakout is due,but till then they should cash on the intraday fluctuations with the help of indicators and support and resistance lines.We are going through an earnings season,hence tracking the earnings result of companies on the days they are being declared In current scenario the companies are expected to outperform the markets,hence they should keep an eye on them also.
                            I will definitely come up with something new analysis as and when it being reflected in the charts,till then trade the ranges