It can be seen in the chart that nifty is moving in a range from December 2011 onwards. it is not 104 weeks till now and we are still in the box only. between the two trend lines. so now we should see either nifty making a new high and moved down to the lower trend line or we can see it moving down now only. if Nifty breaks 6120 level then we can see it drifting towards lower trend line which at present is around 5500 level it would be a huge fall in the current scenario. So as of now in medium term we might see 5500 as a formidable support. So wait and watch for the market to give the clue.

M.Sri Mahidar

Trend is Friend.