Half Hourly Chart
The oscillators though have not participated in the party and have kept the negative divergences intact. Negative divergences are seen on half hourly charts too. The Nifty has been on a run for 17 months with a lot of hesitation. In other words "climbing the wall of worry" . Maybe this over cautious approach by market participants is what is keeping the trend up. However, one needs to be hedged on longs ,and, as advised earlier no shorts till a confirmation that bulls have surrendered to the bears. Better safe than sorry.
Strong resistances are at 5500-5520-5535. Supports at 5450-5426-5400-5349.
Support for old positional longs at 5349 and fresh longs at 5435 on an intraday hourly close.
Happy Trading !!