NSE:NIFTY   Nifty 50 Index
NIFTY has been moving in a sustained uptrend making Higher Highs and Higher Lows and currently is in the Wave 5 which can be completed any time soon. So for very short term the view is of some more upside or consolidation up to 13000-13200. As soon as this wave 5 gets completed the correction will start and some downfall can be seen upto fib retracement levels that is 11200 and 10500 which are also major support levels
So in medium term the view is to remain cautious .
NIFTY is also near its multiyear Resistance trend line which will not break so easily . NIFTY has to first retrace back and attract some more buyers in order to break the resistance line.
NIFTY traveling all the way from 7511 to 13000 definitely need some strength to give a multiyear trend line breakout.


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