It's been a long consolidation: Mohit Gaba

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Technical Analyst, Mohit Gaba:

The Nifty continues to trade in this long band (sideways), it's been six trading sessions of consolidation. During yesterday's trading sessions it did test the 5425 resistance zones however could not break through it. There is tremendous open interest build up in this band of 100 points (5425 - 5325) & both the Nifty & Bank Nifty are trading at big premiums with seven trading sessions to go for the F&O expiry.

This is war going on between the bulls and the bears, the Nifty has to break out of 5425 on the upside or 5322 on the bottom to give us a clear picture. As I have stated before traditional technical analysis states "a trend is assumed to be in motion until proven otherwise" in this case a decisive break either side of this band would give us a clear picture of where the Nifty is headed. All I can say is the breakout on either side would be an explosive one as it has six trading sessions of consolidation backing it.