'Expecting to go as far up as 5300 on Nifty in the short term'

Rohit Shinde, Asst. VP, Technical Research, CD Equisearch Pvt. Ltd.

A breakout being seen on the Nifty, we are talking about what levels, 5200 levels in the offing now.

Rohit Shinde: Yeah, I completely agree with you. What I have been seeing in the past 8 to 10 trading sessions is a kind of a small movement in a very small band with the volumes contracting. Today is the first day where we have taken a breakout. Volumes are comparatively lesser but the price is more important to where it has broken out with a good price, it has broken out the resistance of 5140 which was acting as a big resistance over the past 8 to 10 trading sessions. These days it is moving around 5170 levels. So we are getting lot of strength. Now what I am expecting is maybe you can go as far as up to 5300, not only 5200 in the short term.