Putting a monthly chart below; makes lil bit easier to see things. As you can see we are resisting at our resi turn support turn resi line! Just a wee above it is the 61.8% fib at approx 4800 which might pose resistance. As for supports its 4450 and 4300(below 4300 things get panicky) for starters.
The weekly below shows the more expandable picture; still in the range and still giving the illusion (we believe when we see it breaking out) of the inverse HnS! What makes this a cautious chart is that we have made multiple tops that might threaten to morph into a double top. The indicators are showing fatigue, maybe this move now needs a normal breather!
Actually Nifty is at important resistance and running out of triggers; we have had our elections, we have had the budget thingie over and we also have most of the biggies done with the quarterly results too, so now we are out of gas to make this choo choo go! We need strong global cues to prop us past this threshold, otherwise the market will do what it does technically “Take the PATH of Least Resistance” and for me that path of least resistance for now looks DOWN (or plain sideways meandering for some time)!
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