Nifty was range bound for the last few days between 10,300-10,400 as the market was undergoing a complicated correction.All these days Nifty was moving beautifully inside the blue trend channel . As per my analysis Nifty has resumed the uptrend from 10,340 levels and the next rally could take Nifty beyond 10,500 levels provided Nifty doesn't breach 10,340. If Nifty breaks below 10,340 then the complicated correction phase might not be over and Nifty could slip towards 10,310/10,260 levels which is the next strong support zone for Nifty.
ATH is ruled out for time being as SPX is also topped Recall my level of 10417 which was never breached. Today a good day to initiate shorts when the market moves up in the morning. Never look at support when the trend is down.