The Nifty made a high of 9048 and has been falling thereafter, unable to hold higher levels. The fall from 9050 levels was anticipated and mapped by Triple Trend Oscillator (TTO) much in advance with the falling trigger line which crossed the zero line around March 30 as shown in the Nifty monthly chart below. This was a clear indication that the monthly trend had reversed and any rise in the indices would be just a retracement or sell on rise rallies.
This is what happened when Nifty retraced from the previous low of 8280 to 8842. Unable to sustain the higher levels, Nifty fell sharply losing 491 points in five trading sessions.
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| Nifty Monthly Chart
We had in our post dated March 30, Analysing Nifty Trend under Multiple Time frames indicated the reversal in the medium term trend in Nifty :
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