LACKLUSTRE SESSION

Nifty closed in red with mild loss of 12. odd points at 5227.The market breadth was  positive with 809 advances to 644 declines.Today market gave a lack lustre  session,after 3 days of strong rise bulls seem to have exhausted and in a mood to rest .we must watch carefully as if the markets starts losing momentum ,bears can  take over the control from them ,well Fridays session could throw some more light on the direction of the trend.
                                 As of now the nifty is holding the support levels but finding hindrance on the way up.Also the technical indicator have started showing  some potent warning signs.The Stochastic oscillator has well pierced the overbought zone,in such  case any disappointing news can lead to drag down in the markets .The RSI is also flat  sliding above the 50 levels.The MACD has converged but i doubt for a positive crossover.Going up Nifty is going to face resistance  around 5300  and further 5400.Market is showing resilience to bears but if the momentum dries up ,then further upward move can be suspected.
                                                                                                                                            I expect markets to revert from around 5300 and start the next move down ,this time market can approach 5050 and 4930 to take support.I would advise traders to hold long until possible signs of reversal appear.