1. Looks like a relief rally only .
2. Trend is down in all time frames . Aggresive trades on long side should be cautious .
3. Near resistance are at approx. 5550 and 5600 levels ,check fibo. chart .
4. USD has broken the three month high and that will add to the troubles .Keep a watch on the USD chart.
5. FII are again net sellers today of approx. 900 cr. and they closed the month with their highest monthly selling figures since March 2009 of near 8900 cr.
6. Every upmove is met by relentless FII selling , they are distributing and booking profits .
Be cautious in the counter trend trade , trade light against the trend and be nimble .