Nifty - Volatile Around 5200

The Nifty gained 9 points over the day to close at 5187.
Expectedly a dull day of trading at the markets yesterday where
the index continued to flirt with the widely followed level of 5180.
After many unsuccessful attempts in the last couple of months
the index finally managed to close above the same yesterday but
without volumes or momentum. The holiday shortened week and
quiet global markets seem to be the reason for the loss of
momentum. However, bullish activity continues to be in the Mid
and Small-cap segments where most of the long-side
opportunities are likely in the next couple of days. The daily
candlestick pattern formed is slightly negative suggesting that the
bulls require a little more time before they go all out. Barring the
hourly indicators that are a bit overbought, most of the other
studies on the daily charts are positive calling for a move into the
5270-5300 zone (18000-18300 area on the Sensex) in the near
term. Trading support seen at the level of 17200. For the day,
resistance seen at 5200/5230. Overall, the indices are likely to
stay volatile around the 5200/17400 mark with a positive bias.