Nifty 50 index is trying to break it's resistance line and it looks like it will be successful to do so. The next resistance for Nifty comes at 10760 which is it's old high and after that sky will be the limit for Nifty, but will that be easy at a PE of more than 28 ?? Only time will tell. I think everyone should trade cautiously at these levels because everything can go away in a matter of minutes, especially when the growth picture of the world is not looking good. History suggests that tops are made at the time of euphoria and it can repeat itself.
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Nifty is back in the previous channel and is standing at a trendline support. If nifty closes below 11570 then it may come down to the levels of 11250. Is this a long term top? only time will tell