Nifty chart analysis

• Nifty continue to trade near the channel resistance line. Price is also hanging on to the Golden ratio.
• Bulls need to move above the 5 Month High EMA which is at 5332 to avoid a correction and for a bigger up move to happen.
• Falling below 5 Day High EMA at 5281 will be seen as negative. A  Daily close below this level may take nifty towards the Low EMA.