Will Nifty Correct after 5 Days of Winning Streak?

Nifty Hourly Chart

Nifty Hourly charts are moving towards the Resistance of 5790 levels.We have seen a one sided rally from past 5 trading sessions.5 EMA and 20 SMA system on hourly has not shown any sign of reversal as of now.

Indicators can remain overbought and oversold for prolonged period of time.Please remember this concept.

As per the Hourly charts Stochastic has given a SELL and Nifty closing below 5 high EMA@5749 is exhasuting sign for BULLS. RSI is also showing negative divergence.



Nifty Daily Chart

On Daily Charts Nifty closed above 200 DMA almost after 2 months which is a welcoming sign for bulls and now the mantra should be buy at dips till 50 SMA@5500 is protected.

On Daily chart STOCHASTIC is on verge of generating a SELL

As shown on daily charts we started with formation of higer lows and than saw a one sided rally

Market always give move the side which give pain to traders in short term.

Please do not go long and short in Nifty blindly.Till sign of weakness are not seen try to play with trend ie on upside.

Sell below 5729 Tgt 5688,5664,5640

Buy above 5770 TGt 5820 and 5867