Nifty - Technical Update

 

1. Nifty has followed the script so far. We are bang in the middle of the consolidation zone discussed earlier (5750-5900).
2. We have not yet broken out of the down slanting TL discussed in the last post.
3. This consolidation should continue through this week, and may spillover in the next.
4. I am looking for resumption of the up move once this correction is done with.
5. One can gather additional clues from a shorter fractal, discussed below.

1. This hourly chart shows we have hit a ceiling for the time being around 5950 zone. 
2. We may need to correct towards the NL to find support and additional buyers to propel us through the down slanting TL.
3. Look for 5700 odd levels to offer support in coming weeks.
4. I am not yet sold on the short case, but should such circumstances arise, I will point it out accordingly.