The 15 min chart below shows Nifty retracing in the short term with the short term TO positioned above the 15 min TO indicating the short term strength or short covering before the long holidays coming during the week. This is extremely short term view as the longer TO are in a bear grip as explained in the following charts.
 |
| Nifty 15 Minutes |
The hourly chart below shows that the short term TO have reached reversal zone and not much upside may be expected hereon unless there is a trend reversal. All the TOs continue to trend below zero which is bearish indicating a downside soon.
 |
| Nifty Hourly |
The daily chart below shows all the trends in bearish mode and gap between them still widening indicating the strong downtrend will resume. This will continue till the chart repair themselves in the form of the short TO rising above the longer TO/ above zero and remaining there for an extended period.
 |
| Nifty Daily |
The weekly chart below shows the oversold position of the market as the trigger line languishes at the reversal zone but the reversal may come only after the final assault at 8100 as indicated by the bearish position of the short term charts above.
 |
| Nifty Weekly |
And finally, the monthly chart which is indicating the trigger line crossover below zero after a period of almost 18 months when it crossed over during October 2013 as a prelude to the bull market. This does not however, pose any threat to the bull market as the other TOs continue to be in bullish mode above zero. However, as happened during the previous occasion as seen in the chart, it may lead to a sideways market for the next couple of months with a range of 7800 to 9100 till such time that the monthly 20 EMA catches up with the price. This will be good period for traders to trade in a well defined range.
 |
| Nifty Monthly |
