mkt ahead...nifty 11th july 2011...

nifty underwent a sideways rangebound profit booking till 5600 which was given as stoploss/exit for near to short term longs without breaking down below it and made a suprise upmove on thursday and did close  above 5725 but failed to close above 5700-5720 on last friday. hence a fresh bullish breakout on weekly charts was not done.

earlier a brkout tgt from 5500 of  5750 from earlier triangular consolidation pattern is completed which led to profit booking on longs.

so far a reversal in its uptrend has not taken place.

as pointed out earlier, it is facing resistance at 5700 and may be still in that bigger downtrend(a brkout from which it can be freshly bullish upto 5800 and 5900 intitially. 5900 will be final deciding level for downtrend to end and will keep possibility of lows below 5177 open. but will it really go 5900 or above it cannot be said with certainty just now). support for short term is near 5450 and short term sl is 5400 which is the support on the trend channel.