5303 seems to be the roadblock for Nifty: Hemen Kapadia

Hemen Kapadia, CEO, .chartpundit.com in a chat with ET Now gives his take on Nifty.

In terms of levels that we need to watch out for on the index. We have been talking about 5300 how it has moved up but not on good volumes yet we have come back down below that 5250 mark, where from here?

We are on the eighth week running from the bottom of around 4659. This is a bit too much. We have run into historic high resistances in terms of an intermediate high and obviously we are wee bit tired. We have seen the first hint of negative diversions coming on the daily charts and IT was one of the sector which was leading this bull chart and IT has slipped into a much needed overdue correction which is not going to end in a hurry.

So I would be negative from a two-week point of view. 5303 seems to be the roadblock for the time being. It would be a pleasant surprise if we take that out and sustain all over again. So we have a negative bias which might just get exacerbated slightly further from here.