Nifty is continuing its sideways move, albeit inching up slowly. I have tried to label the squiggles on the chart, but during such periods, patience is the virtue, as soon as you put a label on the chart, you subconsciously start to commit to that count, so its best to decide a break out and break down level and wait for them to be breached. If your are already long, you should just bring your SL just below 4980, and wait for the market to show its hand. Once again 4900 should e a crucial level to the fate of this up trend. Adding the daily chart below.
We can see clearly that so far the 50 level is holding on both RSI and STS. MACD is hovering just above the zero level. There is a possibility of a hook forming on the MACD (similar to "fast rise" set up on EMA). There is no signs of worry right now, but we should be alert before something shows up, as indicators always lag the markets.
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