Nifty Outlook

As expected last week markets held 5100 levels with a profit booking session of 130 points on Monday.Nevertheless the market surprised on the upside with a break out above the 200dma 5200 level and smartly rallied for the week to end at 5325.85.Will markets extend the sur-price for the week too?The key Fibonacci level retracement of 161.8% from 4531 levels is at 5450 levels.Also in the medium term chart 5350-5400 on a closing basis continues to be key resistance ever since the correction from Aug 5,2011.The markets could make a triple top @5350-5400 levels and see some round of correction back to 5050-5100 levels before moving ahead further.With the overall sentiment being positively biased, markets should hold 5050-5100 levels in the near term.Any further sell off could be triggered by unprecedented global news flows.