Thanks Priya,
It is an opportunity to learn and get more experience, every time we have a question or a request to throw our light upon. It is not a disturbance at all.
You have done a nice analysis, more than analysis it seems like, it is your intuition speaking. Though there is bullish mood prevailing in the markets, it is not highly euphoric. Monthly charts of NIFTY has a clear bearish divergence on the histogram and also the formation shows that there is going to be a range market with higher high's in a slow pace.
This gets confirmed with both Weekly and Daily charts showing some energy left in the already exhausted bull. This is the long term perspective. Among the 10 sectors that form an economy. Financials and Telecom are very strong, Industrials and Consumer Goods have started mirroring the NIFTY, Basic Materials is slowly inching up to run its last round on the bullish arena. Consumer services is having a dream run and this is an indication that the economic cycle has moved to its last phase of boom time.
All these strengths will support the market in the days to come till we reach the hill top. There is a void between 6300-5300, where no resistances are prominent. Hence maneuvering this space will be a little difficult for the Markets, but it is going to achieve the peaks and from there it will be a long rest.