DOJI

Nifty closed  absolutely flat in green at  5363 with marginal gains of 4 points.The broader market was a kind of mixed reaction but numbers biased  to bulls with 816 advances to 653 declines.Today's session formed a Doji candlestick pattern on the daily charts,which is an indication of indecision.After a splendid bounce participants are looking some what cautious ,,people might have started booking partial profits which is equally compensated by minute fresh positions.A balance is formed between the bulls and the bears.Markets are likely to continue this trend till 5400, while doing such it might take support around the  5300 levels.
                                                                                                                                                           Technically the market might travel to the upper band of rising diagonal from where it is likely to reverse facing resistance.Hence in near term 5400 seems to be very strong .Markets are likely to remain range bound due to lack of relief measures,currently markets are very much vulnerable since it sensitivity of reaction to news has increased.Till markets are fueled by rejuvenating catalyst the same story will be repeated.
                                   The momentum oscillator Stochastic on the daily charts is approaching the overbought zone ,While the MACD is yet to give a positive crossover,but it is still trading in the positive territory which is supportive for the current up-move.While the RSI is trading above the 50 levels.All in All we can be long untill the lower boundary on breached on closing basis.Hence i go with the call of holding the longs.