Go long with a very tight stoploss

One can go long on the Nifty, at current levels, keeping a tight stop of 5180, for a target of 5400, markets are over bought and may continue to remain overbought, If we open positive we will come out of the 14 month channel, and we will see some short covering, however it is best to play high beta, and to be stock specific.
I do feel that we are in an intermediate uptrend, and markets may continue to surprise us.