There is strong possibility of Nifty crossing 5310.85 in short to medium term. Check out Elliott Wave Count

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WEEK GONE BY
Monday's euphoria was short lived as markets closed near days low after testing 4900+. Nifty saw approx 50 point spread three days in a row,tops within 4 points of each other & bottoms within 3 points of each other. Friday (Budget day) saw range expansion and Nifty broke out from 4950 areas intraday. Weekly low was 4833.15, weekly high was 4992.
WEEK AHEAD
Nifty locked in 4830-4950 areas. Two close above 4950, 5200 odd levels most likely in short term. Similarly any move below 4830, Nifty can test sub 4700 levels again in short term. Nifty weekly supports 4830-4740-4675, weekly resistances 5010-5090-5180.
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WEEK GONE BY
Market remained sideways on Monday, followed by a strong pullback mid week. Thursday and Friday saw Nifty giving up most of the gains. 4950 areas proved stiff resistance as expected. Weekly low was 4783.90, weekly high was 4929.70
WEEK AHEAD
Nifty is at crossroads. Trend is weak unless proved otherwise ie., Nifty closes above key resistance @ 4950 for atleast two trading sessions. 4540 remain very key support areas in medium term. Nifty weekly supports 4650-4580-(very strong support @ 4540), weekly resistances 4950-5010-5090. Nifty +ve above 4970, remains weak below 4950 for the week.
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WEEK GONE BY
Nifty took a pause on Monday ahead of trading holiday on Tuesday. Rising wedge was decisively broken by Wednesday's big slide on large volumes. Expiry Thursday was volatile but Nifty managed to hold grounds. Friday saw continuation of the volatility & drift lower. However Nifty took supports around crucial trendline. Weekly low was 4766, weekly high was 5035.70.
WEEK AHEAD
Hammer like candlestick with long lower shadow at crucial supports and in oversold zones, indicates covering by bears and contra long by bulls. 4950 is key resistance and 4766 key support. Momentum indicators are oversold and RSI is in buy mode. If Nifty holds out 4800 this week, corrective bounce to 5110 most likely in short term. Nifty weekly supports 4800-4766-4650, weekly resistances 4950-5110.

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WEEK GONE BY
Nifty broke out from strong resistance/congestion at 5180-5200 on Monday, gapped up and added gains on Tuesday. However the momentum was missing, Nifty paused and drifted lower for next three trading sessions. Weekly low was 5167.10, weekly high was 5310.85
WEEK AHEAD
Breakout in Nifty lacks conviction and momentum. However multiple support exist on the downside. Nifty can gather upward momentum if it sustains above 5110 areas in short term. Nifty weekly supports 5180-5160-5110-5050, weekly resistances 5310-5370-5460-5480.

Watchout for Nifty moves in rising wedge since past few months.

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WEEK GONE BY
After moving in a narrow range on Monday and Tuesday, Nifty made a large move on Wednesday,as anticipated last week. Momentum was carried forward on last trading session of the week, Nifty managed new trading and closing high for 2009. Weekly low was 4943.95, weekly high was 5197.90.
WEEK AHEAD
All is well for the Bulls above 5110 supports. Consensus is for sharp upmove above 5180-5200, don't be surprised if there is a consolidation and volatility in a range due to expiry and truncated week. Nifty weekly supports 5110-5050-5000, weekly resistances 5250-5300-5370.

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WEEK GONE BY
Nifty broke out from locked range early part of the week as expected, on the downside. However the momentum below 5050 was missing. Weekly low was 4979.05, weekly high was 5156.70.
WEEK AHEAD
Bollinger Band is narrower since many trading sessions,probability of volatility to increase with sharp move not ruled out. Divergences on RSI bearish & weekly candle is weakish, however multiple supports exist on downside. Medium - Long term bullish, immediate short term trend looks weak, Nifty Strong only above 5070-5110 areas. Nifty weekly supports 4930-4860-4800, weekly resistances 5070-5110-5180.

WEEK GONE BY
Nifty made smart gains on Monday & Tuesday. However previous top around Nifty 5180 offered a stiff resistance, upward momentum came to a pause in last three trading sessions. Weekly low was 4942.25, weekly high was 5181.
WEEK AHEAD
Nifty has made indecisive moves around crucial resistance 5180. Failure to take out 5180 early part of the week can see Nifty drifting lower. Similarly expect strong momentum once Nifty crosses above 5180 with good volumes. Nifty strong/weak above/below 5100 for the week. Nifty weekly supports 5010-4960-4930, weekly resistances 5180-5250-5300.

GROSS RETURNS IN NIFTY NOVEMBER 2009 =  +559.75 Points

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WEEK GONE BY
Nifty coiled in a narrow range for first three trading session of the expiry week. Uncoiling was expected as anticipated and conveyed in Trading Board. Last two trading sessions saw sharp downward momentum and pullback from key support areas. Weekly low was 4806.70, weekly high was 5138. We advised fresh longs only above close of 5110 last week, hope the same was helpful.
WEEK AHEAD
Strong resistance expected around 5100, Strong support expected around 4750 areas. Fresh longs can be added if Nifty closes above 5110 or fresh shorts can be added if Nifty closes below 4750. Volatility likely to increase and daily spread may expand going ahead. Large trending swing move likely >5110 or <4750.