Check out the self explanatory charts of different time frames below along with the observations for each .
5 Min :
Positional targets for correction if the High is in place :
Following chart was shared on Twitter,( Click Here to follow ), on 23-08-12.
So as of now a short term top looks in place at 5449 but since the FII turnover data is bullish along with Option open interest ( 5300-5500 ) combined with an expiry week trading ,where the demand-supply condition of this series will be squared off , an extended upmove probability above 5450 cannot be ruled out . Hence till 5450 is not crossed its a sell on rise market which weakens below 5370 but above 5450 the upmove may extend to 5510-5640 zone .