Some investors who have missed the recent rally of Nifty are confused whether to invest in stock market now or wait for some correction. The answer is in its weekly technical chart, which is analyzed below using Ichimoku indicator.
In the weekly chart, Chikou-span (CS) line still has to cross kijun-sen line, which is the main resistance. On the index side, it is trading inside kumo; which is no trade zone. It needs to close above kumo to give the buy signal for medium term. So, buy if it closes above 5527. Another reason, kijun-sen line is still flat. The correction can lead Nifty to the levels of 4966 in the coming days.
So, if you've missed the rally, just sit on cash and wait for confirmed signals rather than in hurry.