Nifty Views !!!

Above is the Daily chart of Nifty. Its a line chart based on closing price and sometimes this is better to look at as it reduces noise and is rather much cleaner to look at! A few of my observations:

1. In my recent posts I have reiterated whenever the price is far away from the nearest short term MA it tends to consolidate or pullback so as to enable the MA to catch up wit it. So far the sideways and slow moves are a proof of that.
2. The intermediate uptrend is still in play. As you can see the upword channel in which the price structure of HH and HL is still intact.
3. All three key EMA's are bullishily inclined; the 20 above the 50 and the 50 above the 200. And ofcourse the so called Golden Cross !
4. RSI below has come to an OB zone.
5. The MACD Histogram if you notice that intensity of the rally is gettin weaker and the peaks of the histogram are more shallow. Probably the bulls are tiring or simply the rally is losing some of its steam.
6. The overhead resistance or rather the old support turn to new resistance marked in the thin Red band is at 8295 on closing basis. You have 8330-8350 what every one is looking at.

The support below is 8200-8181 which held well during the last week. Real cause of concern is 8150 break with volumes.

Below is the Hourly chart with the micro view of things: