As suggested few days ago, only Call writers would benefit
in such a range with terminal implications
but without a valid "sell" trigger.
Ending diagonals take a wedge shape within two converging lines, with each subwave subdividing into a "three".
" A rising ending diagonal", as is the case here with Nifty, is usually followed by a sharp decline retracing atleast back to the level from which it began and typically much further.
It appears to be in the middle path of "d" or "4th" wave of that diagonal. If resisted @ 5290-5310, it is expected to move down towards 5160 and then make the last upmove to end this pattern. Alternatively, if the "d/4" is already done, it may continue to move up to 5320++ and end it. Remember., this is a pattern in the making and market can behave differently and when it does so, we will take note and act accordingly.