Usually in the past, Nifty is seen hugging the 200 Day Moving Average. Historically, Nifty is seen touching the 200 Day MA atleast once in a couple or 3 years once. However over the last 3 years, it still has not come close to the current 200 Day MA which is around 9900. I see the index mean reverting in the next 6 months or so.
Trend reversal of a big up move. Prospective right shoulder formation to 290 on 7th and 9th Nov. Then could move to 275 to 280. Also Elliott Wave formation from the up move of 250 to 300 could aid the reversal.