Nifty breaksout but 5680 is stiff resistance

Yesterday  Nifty made a new 31 month high on the back of better job Data from US. European markets also surged up after the summer vacations .
We talked about importance of RIL in our previous post and yesterday RIL provided support to Nifty.RIL is now taking support at 900-920 zone and this area provides opportunity for some bottom fishing. Similarly Sterlite has multiple support at 150 zone and this can be considered as good buying zone.

Nifty has now support at 5480-5515 and resistances are at 5680. Going forward in short term upward seems limited and instead of getting euphoric  about this breakout one should think of taking money off the table and wait for some low risk opportunities to enter again.