The market will get capped upwards, close to 5,250-5,350 range. After that, it will remain in the range of 4,750-5,250 because the down fall of the US margkets,while they are aiming towards reviving economy, we need to see something quite concrete coming up from the eurozone as well. Hence, September would still remain little range bound.
If the Nifty goes to 5300, it is actually a sell zone, not a buy zone. It is a right time to play individual stocks. If stocks reach the individual levels, then this is a good time to take profits if you manage to buy lower.
Other factor is Obama's package is mainly based on tax cuts which remain to be seen on what the real impact on the economy would be. The market is still skeptical about the impact, and the focus is still on finding a solution in Europe.
There is a possible a bull spread of 5,200 to 5,400 on the Nifty, but with a stop of 5,090.