Nifty may not exceed 5650 mark in short-term: Jai Bala

Jai Bala, Chief Market Technician at cashthechaos.com in an interview with CNBC-TV18 gave techinal view and outlook for the market.

As of now Bala sees positive divergence on the Nifty. He expects the market to see slight pop for the extreme short-term. He said, "It's going to stop under 5,600 or I can put it the other way, its not going to exceed 5,650. Once market comes towards this range you are going to see some supply come into the market." "If you look at the global markets, the dollar index is showing very strong signs of continuing to head higher. Once the dollar index starts to strengthen all the asset classes are going to get slammed," he added. Below is the verbatim transcript of his interview with Mitali Mukherjee and Sonia Shenoy of CNBC-TV18. Also watch the accompanying video. Q: You have been quite cautious on ht market. How much downside risk do you see in the new series and how would you trade the Nifty? A: At the moment I am seeing positive divergence on the Nifty. For the extreme short-term the market is going to see slight pop. Its going to stop under 5,600 or I can put it the other way, it is not going to exceed 5,650. Once market comes towards this range you are going to see some supply come into the market. Over the medium-term the market is going to head much lower and that