HAPPY NEW YEAR & NIFTY my point of view.
Like in the above background,
we are going to see Green, Red & Yellow in NIFTY throughout the year of 2017.
that means one more year of consolidation/congestion/sideways/volatile.
NIFTY - macro pattern still in the uptrend.
But in the last two years ( 2015 & 2016) it was in consolidation mode and it will continue in 2017 also.
In this year of 2017, the range will be between 7200-6800 in downside and 8600-9000 in the upside.
Probably both end we will see in 2017.
In case if it violates either one of the above then we may relook the present set up until then this will be the broad range.
Next leg of rally possible only from 2018 onwards.