Nifty has now broken out in the unmonitored territory. Most importantly the lifetime high of Nifty was maintained and it did not see a selling at the
higher levels. This talks about the buoyancy and the fundamental strength in this breakout. However, as we move at the higher levels, the risks increases, the charts will start showing buying breakout and indicate corrections. Right now, the world investors seems to have pinned their hopes on the upcoming election results. If one can take a risk, then this is a good time to stay invested and look beyond the 7000 levels for Nifty. Traders need to be cautious, as nifty is clearly over bought and if there is any reverse move it will be all of sudden without interim supports. So always hedge the risk with options or volatility index and go with long side until the reverse signal.
Upside intra resistance are at 6569 and 6607 level and on downside if below 6483 be very alert avoid all long and below 6445 bears have the strength.