More sideways action: Mohit Gaba

The Nifty opened and started to trade lower, then formed a small base before starting to move higher closing 11 point in the green compared to Friday. All this movement is very sideways / consolidation movement by the Nifty. It is taking a breather because of the way it has run up from 5250 levels.

If you ignore the 2-3 day attempted break out the Nifty had, it has been in a 100 point band for more than 3 weeks now. With the earnings season not looking very good and the strong resilience of the Nifty to hold on to 5630-5600 levels we could be in store for more sideways action and a few more attempted upward breakouts.