The following weekly chart shows Nifty progression since the upmove started in August 2013. The indices is presently in a consolidation mode since June 2014, after the second upmove which started in March 2014.
With strong uptrend on long term charts, the recent two consolidations have been range bound, sideways consolidations. While the first consolidation ( 1st blue box) lasted nearly 15 weeks, in the present consolidation (2nd blue box) we are in the 9th week and every possibility that the present consolidation may extend beyond 15 weeks. However, the chart structure seems to indicate that a breakdown below 7440 may not happen or would be rather short lived.
It would also be important to note the placement of trend oscillators on the TTO. All the three oscillators, long, intermediate and short term oscillators are placed higher than that on the previous occasion, thereby indicating the possibility of a shallow correction and Nifty making a significant new high, once the uptrend resumes. The Nifty has reached oversold zone on weekly charts and may continue its sideways move for some more time.
And a more detailed daily chart :
