Technical Take Nifty - EOD and Weekly

Daily Time frame -

1. The market is in a trading range
2. Series of higher highs and higher lows on daily candlesticks has been lost
3. Last daily daily candlestick engulfing pattern but that has lost importance since its a bullish reversal signal - should come accordingly 
4. Daily - technicals are in overbought but no sell signal has emerged in MACD
5. We are near important resistance levels of 5169-5200 
6. 5EMA is sloping upwards and 20EMA is flat to slight positive

Conclusion - Longs are not to be taken until and unless we have the signals. Rewards to Risk ratio is not favorable.

Weekly Time frame -

1. The weekly is in a trading range as well
2. Weekly has put in a series of higher highs and higher lows on candlesticks (Not swings)
3. Last candlestick is a very strong bullish after Doji on weekly
4. Technicals from oversold are just getting into a buy move with MACD giving in a buy with 1/2 days of positive movement. Volume is higher compared to last week.  
5. We are at important resistance levels of 5169-5200
6. 5EMA is starting to slope slightly upwards
7. 5185 is 20WEMA

Conclusion - Longs are not to be taken until and unless we have the signals. If MACD gives a buy then we can look for longs.