In Nifty daily chart, NICK NMA indicator has given sell signal.
In NIFTY weekly chart, Still Nifty is holding itself above the bullish level.
Trading range of august 2010 series could be 5300 to 5600.
FIIs are still bullish on Indian market. Huge long positions are taken at the last trading session. Reason is not known.
Monday, 2nd August 2010 may define the Nifty's future direction. Follow my previous Nifty's level and trade accordingly. Position should be taken at the second half of the market hour. Risky trader may take long position if Nifty stay above 5354. Otherwise Short can be taken.
Best of luck.
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