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Oct 16, 2012, 11.24 AM IST | Source: Moneycontrol.com

More sideways action: Mohit Gaba

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, says Technical Analyst, Mohit Gaba.

Technical Analyst, 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.

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