Is another round of selling coming ?

Trend is still down and the pivot is at 5977 and the low of the current rally is 5690.

Today price has risen to the 34 ema and placed just over it. We need a 30 min candle close below 34 ema and below the low of previous candle.

One can go short if we get a 30 min candle close below 5815 with SL 5836 as of now. All the indicators are approaching overbought levels, indicative of -'soon coming to an end' of the counter trend rally. (We are not into prediction, wait for the signal!)

Please note all the levels are Nifty Spot.


RainMaker

NB:  Post was created in the night.  As I post this at 10:30 in the morning market is already trading down let us see how it  pans out.