Hourly trend of Nifty remains positive with the Ichimoku hourly Cloud supports coming near the 5347 zone.
For the past three days there is a heavy OI builtup seen in 5500CE. Does it mean that bearish call writers are confident of holding below 5500? This is the question in every one mind. Does the uptrend going to end? Also there is a 5-wave elliot wave pattern in the daily charts.
So what to do next?
As of now the hourly Ichimoku signals are still in the buy mode and there is no sign of weakness even in the 15 min charts. Just wait for the hourly supports to break to take a short trade until then shorts are not recommended in nifty futures.