So this is the Nifty 500 chart, looks similar but it doesn't exactly do the same thing that Nifty 50 does. In fact I think this reflects the actual market movement more closely. Anyway, looking at the 60 min chart, we see that Nifty 500 is at one its highs. There is divergence on the MACD. We might be in the middle of a correction and there could be one move down in the 60 min before it moves up.