As we had anticipated in our earlier posts, we may be in for a sideways market for the next couple of months which will keep nifty in a 1000 point range, something similar to the period January 2013 to October 2013 where Nifty oscillated between 6200 and 5400 before the breakout.
The following weekly chart shows the position of the TOs on Triple Trend Oscillator. With the daily and hourly TOs in the negative zone and below the longer TOs the market may remain weak for the time being. This however does not rule out a dash to higher levels, only to be sold into till the charts repair themselves to position for a new breakout which is still some months away.
As the long term TOs are in positive territory, not much downside may be expected as the fall will be bought into as happened last time with quick rebound from 8000 levels.
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| NIFTY WEEKLY |
Profit from the analysis using Triple Trend Oscillator !!!
