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NIFTY DAILY - ANOTHER SPINNING TOP

Nifty closed in green at 5302 with marginal gains of 14 odd points on the cards.Following previous day ,today also markets posted a gap up opening .Then began the tussle between the bulls and the bears,till non markets were moving sedately hovering around the 5300 levels ,post noon session came up favoring the bulls ,as the markets effectively breached following close of to today's session.A close above 5300 level is likely to lure the participants for treading the further path ahead.Today the overall market breadth stood in the favor of the bulls with 955 advances to 513 declines.
                                       The current sentiment is likely to drive the markets further up 5360,following 5400 and then 5460.Considering the past 3 days move a thin line of skepticism still persist ,as to whether this rally will continue or fade .Coming session will make the picture clear as to where will the markets head.If they lose the momentum to go up,they will probably move downwards to 5200 level to take support ,as it will close the gap in this move.
                                                                  On the daily charts the Stochastic oscillator has reached the overbought levels initiating alert signs.The RSI is also approaching the overbought zone .But keeping in view the current sentiments holding our long is still suggested.The Bank Nifty is likely to outperform with initial targets of 10800 and 11084.

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