The trend is likely to continue for sometime as the trend oscillators on TTO exhibit divergent trends across various time frames. A few good corporate results and positive news flows (whatever little) have been unable to bring cheers, resulting in a lackluster sideways market.
For a robust market multiple trends need a unidirectional alignment, which is missing at present.
The following is the trend position under various time frames :
Hourly : Down. May bottom out at 8100 or 8055. A close below 8055 calls for a review of the entire trend cycle.
Daily : Mildly Up. Halted due to hourly weakness.
Weekly : Neutral. Daily strength yet to translate into weekly strength. It may take a few more weeks for the strength to return.
Monthly : Neutral with down bias. With the correction complete at 7540 a break above the down sloping channel at 8400 gives a min. target of 9200. This is also the long term target based on wave equality (wave 1= wave 5). The possibility of higher targets can be assessed based on the trend positions once min. target is achieved.
