1. Today's upmove is on a low volume trading day.
2. Interestingly FII's are net buyers since last three days and 5400 Puts have again accumulated O.I. of 1cr+ . 5500 level is the war zone now as per Option's data.
3. Negative diversion exists today also on the 5min chart. Intraday charts are overbought in 15,30 and 60min TF. A good intraday trade on downside can be expected below today's high .
4. 5470 level should be the SAR for tomorrow's trade. Below today's high ,the gap created at the open may be filled . The price action near the 5465-80 range will decide the next leg of the intraday trade.
5. The EW count on Hourly chart suggests that the 'e' leg of the triangle in which the 4th wave is moving ( see chart - Click Here ) can have the intraday trade initially down and then up to complete / near complete the 3rd wave of this 'e' leg.
6. Up move can be expected if the SAR of 5470 holds and prices trades above today's high. Next resistance comes near 5560-80 level. Below 5470 will get support at apprx. 5450-5425 level.