Nifty turned volatile as predicted in our earlier post Nifty Sideways till Budget as Nifty consolidates in the range of 7500-7700 offering good trading opportunities to the traders.
The short term trend oscillators are indicating trend transition, which means the latest fall may be bought into thus preventing any major fall. Any up move, however is likely to be sold into like today.
The weekly chart of Nifty shows further consolidation taking place in the lower end of the trading range and Nifty may touch 7480 in as it completes the down leg.
The budget is still 15 days away and we may be looking at an extended phase of consolidation.
Developments in Iraq needs to be monitored closely as any adverse news may spike the oil prices further and reverse the medium term trend.
