Nifty intraday analysis May 31

1. Nifty is resting on trending channel since last week low
2. Highest volume has been observed today since Feb 24
3. Moving average crossover is about to happen
4. RSI is strong above 30
5. Nifty moved up despite 9 yr low GDP numbers, showing strength
6. This can be also looked as expiry day effect, my fingers are crossed
7. European inflation data is lower which is above expectation

I expect Nifty to trade above till 5070 to 5080, if fails to get past 4957, bulls are in trouble!!
I strongly believe 4750 is last low for any immediate blow for the month of June 2012.