Nifty future in consolidation mode after the sizzling rally of 300+ points. During the last week's non-stop rally , Nifty future became extremely overbought in the the short term hourly chart. And before the next move takes place, its desirable ( though not necessary ) that the overbought conditions get released before Nifty can resume the uptrend. It needs to catch some breath and gather enough steam before it makes a dash to to take out the recent high around 6120. In our opinion, today's and yesterday's action seemingly represent that activity. Medium & long term trend remains positive. Short term trading range is 5950-5850. Once the overbought condition is relieved,fresh buying to emerge in this zone and Nifty to resume its uptrend.
And its going to happen sooner than later. So keep watching this space for more updates....
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